Kernow Asset Management: Capturing contrarian UK Alpha скачать в хорошем качестве

Kernow Asset Management: Capturing contrarian UK Alpha

00:00 - Intro 01:14 - Equity investing since the age of 15 with the early resolve to become a professional investor. Alyx is a Qualified Chartered Accountant and previously worked as Fund Manager at a Boutique Small-Cap investment manager, Vice President Deutsche Bank and Management Consultant at KPMG. Contrarian mindset: The most important asset. Fundamentally driven mean reversion trading results in uncorrelated, high return stream. Professional background, team & culture. 03:28 - Investment Philosophy. Harvesting “contrarian premium” through the right people, process and philosophy. Behavioural biases: Humans tend to under-react and over-react, leading to price distortions.... 07:16 - The Kernow Index: Kernow’s proprietary daily valuation of every UK listed company vs. market capitalisation to identify contrarian opportunities. A new, very powerful, interactive data-driven tool for stock investors. 08:10 - Kernow’s Catalyst Tracker: Assessing daily news flow vs. Kernow’s envisioned catalyst. Risk Management & Research Process. 08:59 - Why Kernow just trades UK listed stocks. Since Brexit, UK equities trade at 30-40% discount to global developed peers. This presents an immediate and once in a decade unique opportunity. UK has more 10 Baggers than the USA as a % of Market Cap. Has a good IPO pipeline given it has the most Unicorns in Europe. 12:08 - The four angles of Kernow’s unique research & investment process: 1. Enduring investment approach as contrarian. 2. Small and mid-caps focus are often blatantly mispriced. At the same time, this segment can profit from high growth as an extra benefit. 3. Hard to replicate. 4. Focus on other investors: “When I get in, I know who I want to sell to.” Kernow spends almost as much time on analysing other investors in their space as on companies. 15:37 - Kernow’s sweet spot is the widening market gap between short-term quant orientated traders and closet indexers. The only two real peers have 20yr+ tracks with 15% p.a. returns - but both are closed. 16:43 - Kernow’s benefits to investors: High return, low correlation, idiosyncratic strategy. Weekly liquidity, easy to value. A natural counterbalance to market fads and fashions which can be very helpful in periods of transition. Commitment to keeping our capacity small. 18:54 - Outlook. Why Kernow has benefited from the volatile environment from Pandemic. Kernow Asset Management is an investment manager focused on All-Cap UK equities. The team around Alyx Wood seeks opportunities with highly asymmetric return characteristics where the investment thesis is differentiated relative to consensus. Kernow operates in the widening market gap between short-term quant-orientated traders and closet indexers. The strategy uses analysis of fundamentals and catalyst-driven mean reversion to capture contrarian alpha from UK equities. The result is a concentrated and directional portfolio of hidden-quality longs and forensic accounting shorts. Kernow's team believes that emotions and investor sentiment can swing dramatically more than cashflows and business model changes. Their investment process follows three distinct phases: “We value a company, pay less for it and then trade the catalyst. The proprietary Kernow Index values every company in the UK Equity Market above GBP100m market cap. Catalysts are pivotal to the strategy: Kernow only trades material over- or under-valuations when they are triggered to move towards the mean. This bottom-up process helps unlock idiosyncratic value while avoiding value traps. In this video, you will learn: ● Team, culture & contrarian mindset - the most important asset ● How to exploit behavioral biases and harvest “contrarian premium” ● The proprietary Kernow Index & Catalyst Tracker: Powerful, data-driven tools ● Why Kernow just trades UK listed stocks ● How Kernow benefits from the widening market gap between short-term quant-orientated traders and closet indexers ● Why Kernow spends almost as much time on analyzing other investors in their space as on companies: “When I get in, I know who I want to sell to.” ● Why Kernow's investment process is hard to replicate ● Kernow’s benefits to investors & investment outlook Alyx Wood is CIO of Kernow Asset Management. He is a qualified Chartered Accountant and previously worked as Fund Manager at a boutique small-cap investment manager, Vice President at Deutsche Bank and as Management Consultant at KPMG. Alyx is also an Investment Committee Member of a Private Family Office. He started equity investing at the age of 15 with the early resolve to become a professional investor. Kernow, founded in 2019 by Edward Hugo and Alyx Wood, has been certified as a B Corporation by B Lab. This means the firm meets the highest standards of social and environmental impact. Kernow delivers its focused strategy in both hedge fund and tailored segregated mandate formats.