European Equities: keeping the faith!

Whilst those around us capitulated, and greed turned to fear, we held steady and continued buying more of the weaker names.

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The wonder of hindsight, and the age-old comment, “I told you so”. In our 2018 review, we said there was no way to sugar-coat the year – it had been the worst year for equities since 2008. In the same breath, we also stated: this is not a time “to panic”, or as Buffett put it, “to be the idiot”.

Whilst those around us capitulated, and greed turned to fear, we held steady and continued buying more of the weaker names. Was this easy? No, and it’s not meant to be. But our experience has taught us one thing: capitulating at the point of most fear is ‘rarely’ the right thing to do.

2019 was all about “keeping the faith”. Looking into 2020, we don’t have a crystal ball but we enter the year with strong conviction in a portfolio in which our top 10 positions account for around 54% of the fund.

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The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested.


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