Entries by Tim Price

PVP Factsheet April 2017

The GBP A class of the fund recorded a loss of 2.8% for the month of April. While disappointing this is entirely currency based, with the fund up 1% in USD terms. This brings the cumulative return of the fund from inception in June 2015 in GBP to 27.2%. Download the full Factsheet for more […]

Full, but not bursting

It may be one of the more powerful contra-indicators in finance. The attendance at SocGen’s annual investment conference in London is widely tracked for the signals it may be sending about market confidence. Last year the conference was packed to the rafters with supposed ‘perma-bears’ – and FTSE, along with many other stock markets, enjoyed […]

PVP Factsheet March 2017

The GBP A class of the fund recorded a gain of 1.0% for the month of March. This brings the cumulative return of the fund from inception in June 2015 to 30.9% in GBP terms. March saw two major political developments. The first was the inability of the new Trump administration in the US to […]

Madness

Ever since The Financial Times was acquired by the Japanese in the summer of 2015, its attitude toward the Establishment (that it partly forms) has hardened into ossified, dogmatic inflexibility. I felt so disturbed by Lucy Kellaway’s response to the Brexit vote that I felt compelled to write to her:

PVP Factsheet February 2017

The GBP A class of the fund recorded a loss of 0.36% for the month of February. This brings the cumulative return of the fund from inception in June 2015 to 29.61% in GBP terms. During the month we had the opportunity to visit a variety of Japanese companies in Tokyo and Osaka, in sectors […]

Let freedom ring

So the British people have finally spoken. The Establishment, however, chose not to hear them, turning its perpetual tin ear to criticism from below. As the flag-bearer for an unaccountable, hypocritical and increasingly bewildered technocratic elite, Martin Wolf for the Financial Times inadvertently showed precisely why Remain lost.  

PVP Factsheet January 2017

The GBP A class of the fund recorded a gain of 2.27% for the month of January (variations in performance by the other currency share classes of the fund relate solely to foreign exchange translation effects as the underlying holdings are identical.) This brings the cumulative return of the fund from inception in June 2015 […]

Life finds a way

“The snag for them is that it happened on Monday. And all the official pronouncements in the State media were: “Well, it’s a blip. It’s a very rare event.” Well, it’s happened three days later so you then have to ask yourself, “How much of a blip is it ?” And some analysts question whether […]

PVP Factsheet December 2016

The GBP A class of the fund recorded a gain of 3.22% for the month of December (variations in performance by the other currency share classes of the fund relate solely to foreign exchange translation effects as the underlying holdings are identical.) This brings the cumulative return of the fund from inception in June 2015 […]

Seek and ye shall find

So. Farewell then Jim Slater, who died earlier this month. We met Mr. Slater only once, at an investment conference at the height of the financial crisis in 2008. Just before going on stage we asked him what he was doing with his own money. He replied, “I own index-linked Gilts in bearer form and […]