Monday
AM: After the daily morning routine of conducting market analysis on overnight news, the week starts with a meeting with our technology team. We are developing a proprietary platform to manage our research and hone our insights from it. I have also been researching potential new names for the Guinness Global Quality Mid Cap fund. With many AI infrastructure holdings having rallied materially over the year, we are keen to explore further growth stories both among AI beneficiaries and in other compelling industries.
PM: Post the big drawdown on Friday following a strong US jobs report, which raised concerns that rates could be higher for longer, we review the portfolio’s risk exposure. We also have a quarterly catch-up with the CEO, Edward Guinness, on a good start to the year for the fund and tailwinds ahead as investors look for alternatives to widely-owned large-cap stocks.
After work, I join a new run club. Our first session is interval training on the track. I have an Ironman in September; while training is moving in the right direction, it is fair to say it is keeping me very honest.
Tuesday
AM: Start off the day with news of an investor win. It’s encouraging to see momentum building as we grow the fund. My co-manager Sagar Thanki, and I continue to develop research focused on mid-cap exposure to secular themes. We film a short video for investors on how this can offer less crowded growth exposure than the mega-caps.
PM: I assess the impact of a big intraday swing in equity markets amid US-Iran ceasefire tensions after Iran shot down a helicopter. While we monitor the news from the Middle East, the focus is on the effects on company fundamentals rather than any immediate reaction. After work, the British weather did what it does best, so my cycle moved indoors.
Wednesday
AM: Data released this morning showed that US inflation rose to 4.2% in May, and the US and Iran traded munitions despite the ongoing ceasefire. We continue to explore potential ideas for the fund by running screens to assess quality and value, identifying where to focus more in-depth research.
PM: We have a Guinness investor conference tomorrow in Southampton, so I finish off some notes for the presentation. I will be talking about how investors can insulate their portfolios against market concentration risks. With the top 10 companies making up over 40% of the S&P 500, mid-cap companies can offer diversified exposure to growth trends.
Thursday
AM: There’s a good turnout in Southampton despite the weather. These events are a great chance to engage directly with investors, and I have some interesting conversations about the mid-caps that offer exposure to the AI capex build-out.
PM: Fund holding Halma releases strong results but includes some slightly conservative guidance, to which the market reacts negatively. The reaction looks overdone, so we rebalance in line with our equal-weighting philosophy, topping up the position. The European Central Bank raises rates by 25 basis points, signalling a return to rate hikes. The events of even just the past few days clearly show how essential quality remains as a factor in this volatile market.
Friday
I get married at the Old Marylebone Town Hall. Luckily, the weather holds, and it’s a beautiful day. Purely by chance, we get a photo of my newlywed wife with one of the Guinness-branded taxis around London. Hopefully, it should secure us the win in the company competition for the best photo with a Guinness taxi!
Weekend
I spend the weekend getting back into the fitness routine with a 17km run, then have a celebratory brunch with friends before driving home to Bournemouth.
