Research

The Hawksmoor Funds – 2025 Review and 2026 Outlook

16 January 2026

There’s more than one game in town

26 September 2025

Time for a Different Approach - Redux

07 May 2025

Nothing Stops This Train

09 October 2026

We are not macro investors. This doesn’t mean we are macro-unaware. In this week’s Crescendo we explore the possibility that interest rates as a tool to control inflation may be failing due to the concept of ‘fiscal dominance’. We need to recognise the changing environment in which we deploy our valuation-first process, so we can better construct our portfolios and manage our investors’ expectations.

Prudence

02 October 2026

The Hawksmoor Vanbrugh Fund has generated total returns of almost 37% over the past 3 years, an element of which has been driven by a re-rating in valuations which has seen the margin of safety in many underlying investments compress. Against this backdrop, adjustments have been made to make the fund more robust should a more difficult market environment ensue. We remain optimistic regarding Vanbrugh’s ability to capture upside but think more defensive positioning and a renewed focus on capital preservation has merit in the current environment.

Teamwork makes the dreamwork

25 September 2026

Firm culture and the dynamics of the portfolio management team are important factors we consider when analysing funds. In this weeks Crescendo we self-reflect and consider our own setup.