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Cerno Global Leaders fund aims to buy into weakness and sell into strength
https://www.dailymail.co.uk/money/investing/article-9129187/CERNO-GLOBAL-LEADERS-Boutique-fund-shops-winners.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 https://www.dailymail.co.uk/money/investing/article-9129187/CERNO-GLOBAL-LEADERS-Boutique-fund-shops-winners.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 <h2>CERNO GLOBAL LEADERS: Fund that holds just 24 companies – from Nestle to Shimano – as it aims to buy into weakness and sell into strength</h2><p class=”author-section byline-plain”>By <a href=”https://www.dailymail.co.uk/home/search.html?s=&authornamef=Jeff+Prestridge,+Financial+Mail+on+Sunday” class=”author” rel=”nofollow”>Jeff Prestridge, Financial Mail on Sunday</a> <a rel=”nofollow noreferrer noopener” target=”_blank” href=”https://twitter.com/intent/follow?screen_name=jeffprestridge&tw_p=followbutton” class=”twitter-follow-author”><span class=”follow-author”></span></a> </p><p class=”byline-section”><span class=”article-timestamp article-timestamp-published”> <span class=”article-timestamp-label”>Published:</span> <time datetime=”2021-01-09T21:51:52+0000″> 21:51 GMT, 9 January 2021 </time> </span> | <span class=”article-timestamp article-timestamp-updated”> <span class=”article-timestamp-label”>Updated:</span> <time datetime=”2021-01-11T13:13:24+0000″> 13:13 GMT, 11 January 2021 </time> </span> </p> <!– ad: https://mads.dailymail.co.uk/v6/de/money/moneyinvesting/article/other/para_top.html –> <div itemprop=”articleBody”><p class=”mol-para-with-font”>Investment house Cerno Capital is a small ’boutique’ fund manager, based in London’s West End – before lockdown sent its 16 staff scattering to all corners of the country. </p><p class=”mol-para-with-font”>It runs assets of £650million and manages three investment funds aimed at the public. Among them is the £111million fund Cerno Global Leaders, managed by James Spence, co-founder of Cerno, since launch just over three years ago. </p><p class=”mol-para-with-font”>The fund is interesting on many levels. First, the portfolio is a concentrated one, with only 24 holdings – or as Spence describes the fund ‘high conviction’. At no time are there more than 30 company stakes. </p><div class=”artSplitter mol-img-group mol-hidden-caption”> <div class=”mol-img”> <div class=”image-wrap”> <img id=”i-a4188efce4cc2acb” src=”https://i.dailymail.co.uk/1s/2021/01/09/16/37802192-9129187-image-m-111_1610210611119.jpg” height=”375″ width=”634″ alt class=”nothing”> </div> </div> </div><p class=”mol-para-with-font”>Second, each holding has roughly the same weighting in the portfolio although Spence says ‘we don’t touch the rudder every day’. </p><p class=”mol-para-with-font”>This approach means gains from winning stocks are quickly banked and used to increase positions that have not performed as well. </p><p class=”mol-para-with-font”>’We buy into share price weakness,’ adds Spence, ‘and sell into strength. The idea is that every company whose shares we own can make a meaningful contribution to the fund’s overall performance.’ </p><p class=”mol-para-with-font”>Third, although the fund’s ‘global leaders’ title suggests that its portfolio comprises many of the world’s leading brands, this is not the case. </p><p class=”mol-para-with-font”>Although the likes of Johnson & Johnson, Microsoft, Nestle and Samsung are held by the fund, there are a number of lesser known companies. For example, Swiss-based flavours and fragrance manufacturer Givaudan and US based Aptiv – designer and manufacturer of the electronic ‘brains’ behind most cars. </p><p class=”mol-para-with-font”>’We look for companies that are consistently profitable, have strong balance sheets and are likely to continue to be winners in the future,’ says Spence.</p><p class=”mol-para-with-font”> ’Sometimes, they are leaders in areas far away from the eye of the consumer. A food company will seldom develop a new product without an input from Givaudan. Similarly, Aptiv’s electronic systems are embedded in most leading car brands. In my eyes, it’s a better investment opportunity than opting for a holding in Tesla or BMW.’ </p><div class=”mol-img-group floatRHS mol-hidden-caption”> <div class=”mol-img”> <div class=”image-wrap”> <img id=”i-4be98a27c8f98759″ src=”https://i.dailymail.co.uk/1s/2021/01/09/16/37802190-9129187-image-a-117_1610210662470.jpg” height=”386″ width=”306″ alt class=”nothing”> </div> </div> </div><p class=”mol-para-with-font”>Spence says there are some 500 to 600 stocks that he keeps tabs on. Sectors that he avoids include banking and commodities (too cyclical) as well as companies involved in tobacco, armaments and the mining of fossil fuels. </p><p class=”mol-para-with-font”>Spence’s modus operandi is moulded around holding companies for the long term – 12 of the stocks have been in the portfolio for at least five years. </p><p class=”mol-para-with-font”>’For us to trade stocks,’ says Spence, ‘it is either because our investment thesis failed – the company we thought would be a winner turned out not to be one – or a company’s valuation becomes so stretched it makes sense to take profits.’ </p><p class=”mol-para-with-font”>The result is low portfolio turnover although last year was an exception as a result of the coronavirus. </p><p class=”mol-para-with-font”>Ahead of the global pandemic in March last year, Spence disposed of four US holdings – Federal Express, Oracle, Rockwell Corporation and Waters Corporation. Late last year, he also disposed of a stake in engineering firm Ansys after its valuation ‘became extended’. The only purchase was a new position in Aptiv.</p><p class=”mol-para-with-font”>The fund’s performance numbers are strong. Since launch, Cerno Global Leaders has delivered an overall return of 55 per cent – comfortably ahead of the average for global investment funds (a return of 37 per cent) and the performance of the FTSE World Index (up 40 per cent). </p><p class=”mol-para-with-font”>The fund is not suited for income seekers. Its stock market identification code is: GB00BF00QK62 and the annual charges total 0.87 per cent. </p><div class=”moduleFull”><div class=”money item”> <div class=”shallow-ac double-width” id=”p-31″ data-track-module=”llg-63055208^shallow_article_carousel” data-track-selector=”.rotator-panels a”> <h2 class=”bdrcc”><span class=”wocc”>THE INVESTING SHOW</span> </h2> </div> </div> </div><div class=”moduleFull”><div class=”money item html_snippet module”> <style>
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MIDAS SHARE TIPS: Selco-owner Grafton can build profits
https://www.dailymail.co.uk/money/investing/article-9129189/MIDAS-SHARE-TIPS-Grafton-sturdy-choice-rickety-times.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 https://www.dailymail.co.uk/money/investing/article-9129189/MIDAS-SHARE-TIPS-Grafton-sturdy-choice-rickety-times.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 <h2>MIDAS SHARE TIPS: Building work will continue and merchants are open in lockdown, so Selco-owner Grafton is sturdy choice in rickety times</h2><p class=”author-section byline-plain”>By <a href=”https://www.dailymail.co.uk/home/search.html?s=&authornamef=Joanne+Hart,+Financial+Mail+on+Sunday” class=”author” rel=”nofollow”>Joanne Hart, Financial Mail on Sunday</a> <a rel=”nofollow noreferrer noopener” target=”_blank” href=”https://twitter.com/intent/follow?screen_name=JoanneMidas&tw_p=followbutton” class=”twitter-follow-author”><span class=”follow-author”></span></a> </p><p class=”byline-section”><span class=”article-timestamp article-timestamp-published”> <span class=”article-timestamp-label”>Published:</span> <time datetime=”2021-01-09T21:51:56+0000″> 21:51 GMT, 9 January 2021 </time> </span> | <span class=”article-timestamp article-timestamp-updated”> <span class=”article-timestamp-label”>Updated:</span> <time datetime=”2021-01-11T13:12:02+0000″> 13:12 GMT, 11 January 2021 </time> </span> </p> <!– ad: https://mads.dailymail.co.uk/v6/de/money/moneyinvesting/article/other/para_top.html –> <div itemprop=”articleBody”><p class=”mol-para-with-font”>A weary sense of déjà vu swept through the nation last week, when Prime Minister Boris Johnson announced another nationwide lockdown and urged us all to stay at home. In some ways it seemed like March 2020 all over again – without the good weather. </p><p class=”mol-para-with-font”>There are some major differences though, not least in construction. In spring, many builders’ merchants and DIY chains responded to the lockdown announcement by closing outlets, while contractors remained unclear for weeks about whether or not they were allowed to work. </p><p class=”mol-para-with-font”>This time around there is no confusion. Building work will continue and merchants can stay open. The news is welcome for thousands of businesses, including <a class=”class” rel=”nofollow noreferrer noopener” target=”_blank” href=”https://investing.thisismoney.co.uk/fundamentals/GFTU”>Grafton Group</a>, which owns outlets such as Selco, Buildbase and Leyland SDM. </p><div class=”artSplitter mol-img-group”> <div class=”mol-img”> <div class=”image-wrap”> <img id=”i-afb142096f81a443″ src=”https://i.dailymail.co.uk/1s/2021/01/09/16/37802666-9129189-image-m-119_1610211179595.jpg” height=”479″ width=”634″ alt=”Going up: Grafton should win out as families forced to stay indoors improve their homes and building suppliers benefit” class=”nothing”> </div> </div> <p class=”imageCaption”>Going up: Grafton should win out as families forced to stay indoors improve their homes and building suppliers benefit</p></div><p class=”mol-para-with-font”>The group also owns Woodie’s and Chadwicks in Ireland and several brands in the Netherlands too. </p><p class=”mol-para-with-font”>Grafton is often lumped in with other large builders’ merchants. In reality, it is rather different. </p><div class=”artSplitter mol-img-group”> <div class=”mol-img”> <div class=”image-wrap”> <img id=”i-d2277007fbfd5f7d” src=”https://i.dailymail.co.uk/1s/2021/01/10/11/37824672-9129189-image-a-1_1610277049652.jpg” height=”365″ width=”634″ alt=”Grafton shares have managed to claw back most of the ground lost in the coronavirus crash” class=”nothing”> </div> </div> <p class=”imageCaption”>Grafton shares have managed to claw back most of the ground lost in the coronavirus crash</p></div><p class=”mol-para-with-font”>Its 17 businesses are decentralised, so each has a high degree of control. Chief executive Gavin Slark believes this encourages better relationships with their customers and suppliers – and he should know. </p><p class=”mol-para-with-font”>Having left school at 16, Slark entered the building trade straight away. He has now spent most of his career in the industry. </p><p class=”mol-para-with-font”>In March, he will have been chief executive of Grafton for a decade, an unusually long tenure among quoted companies and one that means he understands the group better than most. </p><div class=”moduleHalf”><div class=”money item html_snippet module”> <a rel=”nofollow noreferrer noopener” target=”_blank” href=”http://www.thisismoney.co.uk/money/diyinvesting/article-4339358/How-successful-investor-free-guide-investing.html”> <img src=”https://i.dailymail.co.uk/i/pix/2017/03/24/10/3E90E2BE00000578-0-image-m-2_1490350909080.jpg” alt=”Free investing guides”></a> </div> </div><p class=”mol-para-with-font”>In recent years, Slark has steered Grafton away from commoditised products, such as plasterboard, sand or cement, where volumes are high and margins are low. </p><p class=”mol-para-with-font”>Instead, Grafton has been expanding into areas where pricing is less competitive and profits tend to be greater. </p><p class=”mol-para-with-font”>Chains such as Buildbase still offer all the basics, but Grafton’s other subsidiaries are more specialised. </p><p class=”mol-para-with-font”>Selco is known for its extensive range, with more than 14,000 products, designed to allow jobbing builders to enter any store and find everything they need for daily work, from bathroom lights to loft insulation to letterboxes. </p><p class=”mol-para-with-font”>In the Netherlands, Grafton has three divisions, each of which specialises in areas such as ironmongery or power tools. </p><p class=”mol-para-with-font”>Recent acquisitions closer to home also highlight Slark’s growing interest in niche sectors. </p><p class=”mol-para-with-font”>Last month, Grafton made two purchases: StairBox, which makes bespoke wooden staircases, and Proline, which sells high-quality ironmongery. A family business based in Stoke-on-Trent, StairBox uses up-to-date technology so customers can design and visualise their new staircases online. Dublin-based Proline sells products from brass doorknobs to coat hooks, building on Grafton’s market leading position in Ireland. </p><p class=”mol-para-with-font”>Grafton’s wide spread of businesses offers a degree of resilience in these uncertain times, and the geographical spread helps too. About half the group’s profits come from outside the UK and Slark is actively looking for deals in Northern Europe, where the building trade tends to operate in a similar fashion to the British Isles. </p><p class=”mol-para-with-font”>Grafton was not immune to the effects of Covid. When the March lockdown was announced, most of its stores closed and staff were put on furlough. </p><p class=”mol-para-with-font”>The final dividend for the financial year ending on December 31, 2019 was cancelled and there was no interim payout with half-year results for 2020. </p><p class=”mol-para-with-font”>Recovery in the second half of the year was fairly swift, however, and confidence within the business grew steadily in the final quarter. </p><p class=”mol-para-with-font”>A year-end update on Tuesday should sound an upbeat note about recent trading. And brokers expect Slark to restore the dividend with a 19p payout when annual results are announced next month. </p><p class=”mol-para-with-font”>Looking ahead, the latest lockdown edicts have caused some concern, especially in Ireland, where restrictions are even tighter than here. But the more time people spend at home the more they want to make their homes look good – and Grafton’s businesses help them to do just that.</p><p class=”mol-para-with-font”><span class=”mol-style-bold”>Midas verdict: </span>Grafton is a well-run business with plenty of potential here and overseas. At £9.57, the shares are a good, long-term buy. </p><p class=”mol-para-with-font”><span class=”mol-style-bold”>Traded on: </span>Main market <span class=”mol-style-bold”>Ticker:</span> <a class=”class” rel=”nofollow noreferrer noopener” target=”_blank” href=”https://investing.thisismoney.co.uk/fundamentals/GFTU”>GFTU</a> <span class=”mol-style-bold”>Contact:</span> graftonplc.com or 00 353 216 0600 </p><div class=”art-ins mol-factbox money” data-version=”2″ id=”mol-58d7b060-5333-11eb-bbd3-fb2328c6e904″ data-permabox-url=”https://www.thisismoney.co.uk/money/investing/article-9129189/MIDAS-SHARE-TIPS-Grafton-sturdy-choice-rickety-times.html”> <h3 class=”mol-factbox-title”>Are investors right to buy British for better times after lockdown? </h3> <div class=”ins cleared mol-factbox-body”> <p class=”mol-para-with-font”>It’s probably been the gloomiest start to a year for as long as many can remember. </p><p class=”mol-para-with-font”>So what happened? The UK stock market jumped, of course. Contrary as this may seem, there is some logic to investors buying into the hope that better times lie ahead. </p><p class=”mol-para-with-font”>On this podcast, Georgie Frost, Lee Boyce and Simon Lambert look at what the fresh lockdown means for the economy and why investors are choosing to look straight through it and develop a new appetite for buying British. </p><p class=”mol-para-with-font”> Press play above or listen (and please subscribe if you like the podcast) at <a class=”class” rel=”nofollow noreferrer noopener” target=”_blank” href=”https://itunes.apple.com/gb/podcast/this-is-money-show/id979600898?mt=2″>Apple Podcasts</a>, <a class=”class” rel=”nofollow noreferrer noopener” target=”_blank” href=”https://www.acast.com/thisismoneyshow”>Acast</a>, <a class=”class” rel=”nofollow noreferrer noopener” target=”_blank” href=”https://open.spotify.com/show/0JQrDHMhoyC3Bu1Dnnkyc8″>Spotify</a> and <a class=”class” rel=”nofollow noreferrer noopener” target=”_blank” href=”https://audioboom.com/channel/thisismoney”>Audioboom</a> or visit our <a class=”class” rel=”nofollow noreferrer noopener” target=”_blank” href=”http://www.thisismoney.co.uk/money/podcast/index.html”>This is Money Podcast page</a> </p> </div> </div><div class=”moduleFull”><div class=”money item html_snippet module”> <style>
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MIDAS SHARE TIPS UPDATE: Braemar up 50% in eight months
https://www.dailymail.co.uk/money/investing/article-9129193/MIDAS-SHARE-TIPS-UPDATE-Braemar-50-eight-months.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 https://www.dailymail.co.uk/money/investing/article-9129193/MIDAS-SHARE-TIPS-UPDATE-Braemar-50-eight-months.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 <h2>MIDAS SHARE TIPS UPDATE: Our shipshape tip Braemar rises 50% in eight months, so is it time to bail out?</h2><p class=”author-section byline-plain”>By <a href=”https://www.dailymail.co.uk/home/search.html?s=&authornamef=Joanne+Hart,+Financial+Mail+on+Sunday” class=”author” rel=”nofollow”>Joanne Hart, Financial Mail on Sunday</a> <a rel=”nofollow noreferrer noopener” target=”_blank” href=”https://twitter.com/intent/follow?screen_name=JoanneMidas&tw_p=followbutton” class=”twitter-follow-author”><span class=”follow-author”></span></a> </p><p class=”byline-section”><span class=”article-timestamp article-timestamp-published”> <span class=”article-timestamp-label”>Published:</span> <time datetime=”2021-01-09T21:52:00+0000″> 21:52 GMT, 9 January 2021 </time> </span> | <span class=”article-timestamp article-timestamp-updated”> <span class=”article-timestamp-label”>Updated:</span> <time datetime=”2021-01-11T13:09:57+0000″> 13:09 GMT, 11 January 2021 </time> </span> </p> <!– ad: https://mads.dailymail.co.uk/v6/de/money/moneyinvesting/article/other/para_top.html –> <div itemprop=”articleBody”><p class=”mol-para-with-font”>While most of the world continues to struggle with Covid-19, China is well on the road to recovery. World Bank forecasts suggest the Chinese economy will grow nearly 8 per cent this year, twice as fast as the UK, Europe and America. </p><p class=”mol-para-with-font”>Industrial activity is already picking up fast in the People’s Republic, evidenced by rising imports of oil, coal, steel and other bulk commodities. </p><p class=”mol-para-with-font”>The trend may seem frustrating to nations still facing lockdowns and other tight restrictions but it is good news for businesses involved in international trade, such as Braemar Shipping Services. </p><div class=”artSplitter mol-img-group mol-hidden-caption”> <div class=”mol-img”> <div class=”image-wrap”> <img id=”i-d15bebf6fb1c29e5″ src=”https://i.dailymail.co.uk/1s/2021/01/09/17/37803100-9129193-image-a-134_1610212312910.jpg” height=”389″ width=”634″ alt class=”nothing”> </div> </div> </div><p class=”mol-para-with-font”>Midas recommended the shipbroker in May last year, when <a class=”class” rel=”nofollow noreferrer noopener” target=”_blank” href=”https://investing.thisismoney.co.uk/quote/BMS”>Braemar shares</a> were 99p. </p><p class=”mol-para-with-font”>Last week, they closed at £1.49, following a robust performance in recent months and the appointment of a new chief executive, James Gundy. Braemar is chaired by turnaround specialist, Ron Series. When he joined in 2019, the group had rather lost its way and morale was low.</p><p class=”mol-para-with-font”>Since then, disposals have been made and the company has focused increasingly on shipbroking, where its real strengths lie. </p><p class=”mol-para-with-font”>Gundy was formerly head of this division at Braemar so his appointment underlines the direction of travel and was welcomed by institutional investors. </p><p class=”mol-para-with-font”>Under Gundy, Braemar’s shipbroking business has made significant advances. Once known primarily for its expertise in the oil tanker market, the division now covers a number of commodities, from wheat and soya to iron and coal. The company also provides broking services for renewable energy providers when they need to install or repair offshore wind turbines. </p><div class=”moduleHalf”><div class=”money item html_snippet module”> <a rel=”nofollow noreferrer noopener” target=”_blank” href=”http://www.thisismoney.co.uk/money/diyinvesting/article-4339358/How-successful-investor-free-guide-investing.html”> <img src=”https://i.dailymail.co.uk/i/pix/2017/03/24/10/3E90E2BE00000578-0-image-m-2_1490350909080.jpg” alt=”Free investing guides”></a> </div> </div><p class=”mol-para-with-font”>Braemar helps shipowners and their customers when freight comes into port too. </p><p class=”mol-para-with-font”>In the UK, this type of support is expected to become increasingly important, as firms adjust to new, post-Brexit regulations. </p><p class=”mol-para-with-font”>Braemar’s financial year runs to the end of February and brokers expect profits for the current year to have fallen, as Covid-19 hit global trade for most of 2020. </p><p class=”mol-para-with-font”>Looking ahead, however, results should bounce back, with profits of £10.5million forecast for the year to February 2022, up nearly 10 per cent on the current year. </p><p class=”mol-para-with-font”>On the dividend front, Series suspended the final dividend last year as well as the interim dividend for the current year. </p><p class=”mol-para-with-font”>However investors are hoping he will issue a 5p payout with the full-year results. This is expected to increase to 7.5p in 2022.</p><p class=”mol-para-with-font”><span class=”mol-style-bold”>Midas verdict:</span> Braemar shares have risen 50 per cent in the past eight months as sentiment towards the company has improved. Cautious shareholders may choose to bank some profits now and sell at £1.49. Longer-term investors should hold on. Braemar is well regarded in the global shipping market and Series and Gundy are keen to expand the broking business. </p><p class=”mol-para-with-font”><span class=”mol-style-bold”>Traded on:</span> Main market <span class=”mol-style-bold”>Ticker:</span> BMS <span class=”mol-style-bold”>Contact:</span> braemar.com or 020 3142 4368 </p><div class=”moduleFull”><div class=”money item html_snippet module”> <style>
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#fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last
#fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage
#fiveDealsWidget .dealItemImage
#fiveDealsWidget .dealItemContent
#fiveDealsWidget .dealItemTitle
#fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate
}
</style> </div> </div></div>
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