During this month’s Letter to Investors we discuss what the US election might mean for the outlook for bonds and stocks. We also consider whether ‘immaculate disinflation’ is alive and well again in the US and is this the rocket small caps need?

During this month’s Letter to Investors we’ll explore the theme of earnings being almost all that matters for share prices in the long term, but not necessarily in the short term. We delve into this topic using a core stock holding, Zeta, as an example of a stock where the share price is finally catching up with stellar growth in fundamentals (revenues/ cash flows).

In this month’s Investment Strategy Note we outline why we believe the current historically large discounts of listed investment vehicles can be explained by higher interest rates and how interest rate cuts are likely to be a catalyst for listed investment vehicle discounts to shrink in general and premiums to widen.