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Season’s Greetings from HFM

17th December 2021

This is the time of year when your inboxes fill with reflections on the year gone by and thoughts on the year to come. Well, you won’t get any of that from us I’m afraid!

The end of the Gregorian calendar year means pretty much nothing for how we invest, think about markets or how our portfolios are positioned. We have to consider market liquidity, as this always drops off at this time of year, but generally speaking we don’t change how we work at all. Indeed, we’ve been really busy recently. Of note, the updates from the listed private equity investment trust sector have been universally stonking (technical term). We have waxed lyrical about this subsector of the investment trust space before, so I will spare you. Suffice to say, there is almost universal excellent underlying performance, with portfolio vintages (private equity usually holds on to an investment for between 3 and 5 years – if lots of the portfolio dates back to at least 3 years ago, one can expect some exits that will drive net asset value) in the sweet spot and discounts to stale NAVs (net asset values) abounding. Elsewhere, we’re still speaking to managers and only today Daniel unearthed another exciting idea for our Global Opportunities Fund. Watch this space.

All we’d like to say this week is that we hope you have a fantastic festive period and forget about markets for a while. A very experienced and well known manager recently told us that being a good investor is about staying healthy of body and mind, and having interests outside of investing. We couldn’t agree more. Our team is really well resourced so lots of us will be around over the next 3 weeks looking after the portfolios, but those that aren’t will be going for long walks, sitting in front of the fire with a glass of something and probably arguing with family about something or other! Stay well and the Crescendo will be back in the New Year.

Very best wishes from,

Ben, Daniel, Richard, Ben, Dan, David, Kieran, Hannah and Charlotte

Ben Conway – Head of Fund Management

Ben Conway

This financial promotion is issued by Hawksmoor Fund Managers which is a trading name of Hawksmoor Investment Management (“Hawksmoor”). Hawksmoor is authorised and regulated by the Financial Conduct Authority. Hawksmoor’s registered office is 2nd Floor Stratus House, Emperor Way, Exeter Business Park, Exeter, Devon EX1 3QS. Company Number: 6307442. This document does not constitute an offer or invitation to any person, nor should its content be interpreted as investment or tax advice for which you should consult your financial adviser and/or accountant. The information and opinions it contains have been compiled or arrived at from sources believed to be reliable at the time and are given in good faith, but no representation is made as to their accuracy, completeness or correctness. Any opinion expressed in this document, whether in general or both on the performance of individual securities and in a wider economic context, represents the views of Hawksmoor at the time of preparation and may be subject to change. Past performance is not a guide to future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations. You may not get back the amount you originally invested. HA4683.

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