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James Inglis-Jones, Cashflow Solution: European Growth Fund portfolio changes

We have recently concluded the restructure of the European Growth Fund’s holdings to bring the portfolio in line with our research findings following our latest annual review of European company reports and accounts. The portfolio of holdings is slightly more concentrated and retains an emphasis on high quality growth, but has less of a bias against lowly-rated value stocks. As well as highly cash generative growth stocks, we have also selected companies that are cheap by conventional yardsticks and attractive to us as a result of their high cash flow yields and restructuring programmes initiated by the management.

Julian Fosh, Economic Advantage: Touching on intangibles

My attention was caught by a headline in the FT a few weeks ago highlighting US data measurement changes which will lift its GDP by about 3%. The changes, which come into effect next month, involve the adjustment of US GDP measurement to recognise research and development (R&D) spending as fixed investment. Although we don’t invest directly in the US, it’s often the case (as here) that where the US leads, other countries follow. The nature and scale of the changes, which will affect national accounts going back to 1929 and are also due to be adopted by other developed nations, is explicit recognition of the importance of intangible assets. Given that we adhere to an investment process which emphasises companies’ possession of Economic Advantage through intangible assets, this is clearly a development which is both relevant and significant.


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