Entries by Tim Price

PVP Factsheet January 2016

The GBP A class of the fund recorded a loss of 4.33% 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 was clearly disappointing, but an indication of just how widely equity market […]

PVP Factsheet December 2015

The GBP A class of the fund returned 0.56% for the month of December. This compares with a loss of 1.7% for the FTSE 100 index, for example, over the same period – the UK market being clearly impacted by its exposure to the oil and commodities sectors which were the most obvious victims of […]

PVP Factsheet November 2015

The GBP A class of the fund returned 0.96% for the month of November, despite weaker equity markets across Asia, which accounts for roughly 60% of the portfolio. The biggest contributors were the fund’s positions in diversified holding companies, and our dedicated European manager, Argonaut. Download the full Factsheet for more … PVP-Factsheet-November-2015

PVP Factsheet October 2015

Another month, and another pantomime over Federal Reserve interest rate policy. Probably more meaningful was the growing number of major international businesses issuing profits warnings. Companies including Adobe, Wal-Mart, Pearson, Home Retail Group, Caterpillar and AP Moller-Maersk have each warned on revenues within the last month. Download the full Factsheet for more … PVP-Factsheet-October-2015  

PVP Factsheet September 2015

September’s FOMC meeting essentially confirmed that the US Federal Reserve has painted itself into a corner from which higher interest rates are unlikely to emerge soon. Confusingly for many observers, the Fed cited foreign market conditions as a reason to delay a tightening in monetary policy. In the words of one analyst, the Fed is […]

PVP Factsheet August 2015

For bulls on China in particular and on growth stocks in general, China’s devaluation of the renminbi announced on August 11th was a shock that no-one saw coming. And for investors trying to assess which macro forces (inflation or deflation)  are now in the ascendant, the answer seems clear, and it’s deflation. Download the full […]

The only thing we have to fear..

“Let me be clear on one point: I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month — or a year — from now. What is likely, however, is that the market will move higher, perhaps substantially so, well […]

On not adding, but taking away

“Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.” – Charlie Munger.   According to the French author and pilot Antoine de Saint-Exupéry, a designer knows he has achieved perfection not when there is nothing left to add, but when there is […]

PVP Factsheet July 2015

July was dominated by two ‘big picture’ macro events: the ongoing negotiations for a bail-out of Greece, and the authorities’ attempts to avert a collapse in the Chinese equity markets, seemingly involving everything including the kitchen sink. Since the fund has no direct exposure to either Greece or China, the volatility experienced by other equity […]

Major drag, huh?

“We’re not gonna make it, are we ? People, I mean.” “It is in your nature to destroy yourselves.” “Yeah. Major drag, huh ?” –       From James Cameron’s ‘Terminator 2: Judgment Day’. Here is a thought experiment. It is January 2000. The last wild Pyrenean ibex has been found dead, squashed by a tree. America […]