This was a brief update with the team. The fund is managed by a team of three with no analysts and no hierarchy. Each holding is debated between the team with constant challenging and an ability to adapt to change.
They believe in cash flow first, dividend second with a focus on total return. Since launch 70% of the return has come from the income. They are aware that they have dividend pressures but this has started to improve this year.
There is an argument that inflation is a bet against technology, however they think there are structural changes which could impact. These include costs of becoming more environmentally and socially aware, reversal of globalisation and cost of de-carbonising the world….read more