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EVENLODE GLOBAL EQUITY: Elite investment fund that doesn't just rely on the Magnificent Seven By JEFF PRESTRIDGE Updated: 21:51 BST, 26 April 2025 e-mail View comments Investment fund Evenlode Global Equity is approaching its fifth anniversary with returns for investors since launch in excess of 50 per cent. A satisfactory result – and better than the average for its global peer group of 35 per cent. For managers Chris Elliott and James Knoedler it is testimony to their robust investment process, which is built around buying stakes in some of the world's leading companies at attractive valuations and then holding them long-term.
Businesses which generate lots of cash through thick and thin. 'We want to build trust with our investors,' says Knoedler, 'and keep them on the proverbial bus for as long as possible. 'Of course, as equity investors we can't defy the big market movements we have all witnessed in recent weeks, but we try to mitigate their impact by finding companies deep in the wave rather than at the top of it.
' Unlike many rival global equity funds, this approach means the £470 million fund tends to be light on exposure to the Magnificent Seven stocks in the US: Alphabet (Google parent), Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Currently, Global Equity only has exposure to Alphabet, Amazon (both top-ten holdings) and a smaller stake in Microsoft, which has been reducing since July. This was due to concerns over the mismatch between growth in the company's artificial intelligence capital expenditure and revenues.
Of the other Magnificent Seven, only Nvidia makes it into the fund's 83-company strong 'investable' universe from which the managers select the stocks to hold. 'The portfolio, comprising 33 stocks, is not constructed on the back of what is going on in the world of macro economies,' says Elliott. 'Across Europe and the UK, there are a lot of companies whose valuations are attractive, their businesses are multi-national and revenues robust.
' European companies such as Dutch information services Wolters Kluwer and French cosmetics brand L'Oreal have been part of the fund's portfolio since July 2020. The same applies to UK FTSE100 companies RELX and Diageo. Other UK holdings include London Stock Exchange, events organiser Informa and shipbroking company Clarksons.
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Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account 'This is not a fund where we are constantly trading in and out of stocks,' adds Elliott. 'Sometimes there are valuation opportunities, but the idea is to hold the companies we own for six, seven years plus.' So far this year, the only portfolio changes it has made is to buy stakes in The New York Times and Booking Holdings, while disposing of its position in Airbnb.
'The New York Times is enjoying strong growth in subscriptions,' says Elliott, 'and has the ability to offer customers products such as its popular Wordle game.' Knoedler adds: 'Booking Holdings is a digital business benefiting from the growth in leisure travel. It's also less reliant on the US for business than Airbnb.
' Evenlode is a tight investment ship, built around just five fund managers. Based in Chipping Norton, Oxfordshire, it manages funds with assets in excess of £4.6 billion.
Apart from Global Equity, it also runs Evenlode Income and Global Income, plus two funds aimed at the European market. Unlike other investment houses, it concentrates on what it knows it does well – namely, investing for income and managing global portfolios. Scrutineer FundCalibre gives Global Equity, Income and Global Income all 'elite' status.
Annual charges on Global Equity are 0.85 per cent. The fund has a yield of 0.
3 per cent, so is not suitable for investors seeking income. DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More InvestEngine InvestEngine Account and trading fee-free ETF investing Learn More Learn More Trading 212 Trading 212 Free share dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission.
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