The Equip Portfolios – 9th Anniversary Special

The 1st November 2004 seems like a long, long time ago and looking back on that dry, unseasonably warm* Monday, I do not believe I could have imagined how popular and successful the Equip investment process has been.

This is a short celebration of nine years of investment with Equip and what we have seen along the way. Probably the best analogy of why active management is critical to our success was the domination of Blackberry as the market leader in mobile communication. In 2004 Blackberry were the pioneers and paved the way for the smartphone revolution, however fast forward nine years and the company announces its intention to sell, due to their increasingly unfavourable financial position and lack of competitiveness.

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How Windy Is It . . . ? Monday, 4th November 2013 – No. 55

So, how windy was it last week? Well, it was actually incredibly windy, meteorologically speaking, as severe winds hit the UK and stripped the trees of their autumnal colours. Turning back to the markets, it was actually a relatively calm week with very little to report or comment on.

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How Windy Is It . . . ? Monday, 28th October 2013 – No. 54

Windy Special: Neil Woodford

As promised last week and not wishing to waste a Monday while I am away, here is the Windy report focused around a single fund manager, namely Neil Woodford of Invesco Perpetual.

MSI #58: on Tuesday, 15th October, it was announced that Neil Woodford would be retiring from Invesco Perpetual to set up his own fund management venture. Neil has had an amazingly successful 25 years and has been a mainstay within our portfolios since they launched* almost 10 years ago. The graph opposite shows the performance of his Income fund since we were invested against the sector’s average fund. It is impressive and shows the reason why I believe we will stay invested until April next year, which is when he intends to leave.

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How Windy Is It . . . ? Monday, 21st October 2013 – No. 53

So, how windy was it last week?

It looked set to serve up a storm but in the end it didn’t deliver the tempest I had envisaged. I am of course talking about the temporary resolution to the US debt ceiling and that the phrase ’kicking the can down the road’ has re-entered our short-term vocabulary.

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How Windy Is It . . . ? Monday, 7th October 2013 – No. 51

So, how windy was it last week?

It was very windy and marks October as a defining month for the world’s politicians. Last week is best explained through a series of Moments of Significant Influence:

MSI #51: in the US, Republicans strive to unravel Obamacare, while a deadlocked Congress has created a partial government shutdown for the first time in 17 years. Although this is serious, even more challenging and dangerous will be the debt ceiling discussions, which are due to start in a few week’s time.

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