September 2026

Welcome to the Evenlode newsletter!

Each month we aim to deliver a curated digest of our latest insights, updates, and reflections on the work happening at Evenlode Investment. Our mission remains steadfast: delivering sustainable, long-term returns while prioritising quality, resilience, and the thoughtful stewardship of your capital.

Market Round-up

Equity and fixed income markets continued to give conflicting signals through August, reflecting the contrast between improved corporate profitability and macroeconomic uncertainty. Equity market records were broken again on both sides of the Atlantic in the first half of the month, with US and European indices hitting fresh highs. The FTSE 100 approached a record of its own, supported by resilient earnings and improved overseas appetite for undervalued UK businesses. Meanwhile, renewed friction between the US and Iran has pushed oil prices back up, fuelled further inflation fears, and sent long-dated Treasury yields to levels not seen in nearly two decades.

More significant, though, is the rotation underneath the surface in equity markets. The market has broadened, with a shift away from the narrow group of mega-cap technology names that have driven markets over the past twelve months. With mounting evidence of AI model commoditisation and rising memory costs, it has become increasingly unclear how these companies will achieve a return on their substantial investments. At the same time, we have seen a substantial re-rating of many software and data businesses. These companies continue to manage the technology transition quietly and adeptly, and we are pleased to see the market reward their attractive fundamentals.

With the US midterms now hurtling into view, we are braced for another round of market volatility in the coming months. Those companies with proven free cash flows and low leverage are best positioned to navigate any macro uncertainty, and we envision a continued shift in market leadership from momentum to fundamentals.

Investment Views

This month, Chris Elliott and Cristina Dyer, portfolio managers of the Evenlode Global Opportunities fund, discuss what has been a highly encouraging reporting season both in terms of the company fundamentals and the improving narrative from the portfolio businesses with 25/29 holdings beating consensus on reported operating profit. They touch on key highlights such as GTT’s increased 10-year forecast, Hasbro’s upcoming content across the Marvel, The Hobbit, and Star Trek franchises and the new Diageo CEO’s vision, as well as sharing their quote of the quarter!

Meanwhile, Ben Peters, portfolio manager of the Evenlode Global Dividend fund, touches on the structural, speculative factors that are in the driving seat right now, following last month’s media hysteria on the structure of the equity market. He discusses the special attention paid to leveraged financial instruments, the merits of focusing on fundamentals over speculation, as well as the AI debate and the investment outlook for Diageo.

Evenlode Global Opportunities

CQ2 Results

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Evenlode Global Dividend

A Pause for Thought

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To access materials relating to the UK funds you will need to select ‘Investor based in the United Kingdom’ on the Evenlode website.

Issued by Evenlode Investment Management Limited (Evenlode). Evenlode is authorised and regulated by the Financial Conduct Authority, No. 767844.

Whilst the funds Evenlode acts as investment manager for are available to retail investors via third party providers, please note that Evenlode do not have permissions from the FCA to deal directly with retail clients and the information provided in this newsletter and on the Evenlode website is for information purposes only. If you are not an investment professional you may still wish to visit the Evenlode website to find out information about Evenlode and the funds we manage but we recommend that if you wish to obtain advice regarding the suitability of the Evenlode ICAV for you, you should contact a financial adviser. Applications to invest in any fund referred to on the Evenlode website can only be made through a third party and must only be made on the basis of the offering documents relating to the specific investment.

This newsletter is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The sale of shares of the fund may be restricted in certain jurisdictions. In particular shares may not be offered or sold, directly or indirectly in the United States or to U.S. Persons, as is more fully described in the Funds Prospectus.

Please note, any views represent the opinions of the Evenlode Team as at the time of writing and do not constitute investment advice. Where opinions are expressed they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice. This newsletter is not intended as a recommendation to invest in any particular asset class, security or strategy. The information provided is for illustrative purposes only and should not be relied upon as a recommendation to buy or sell securities. Current forecasts provided for transparency purposes, are subject to change and are not guaranteed. Every effort is taken to ensure the accuracy of the data used in this document but no warranties are given.

For full information on the Evenlode ICAV, including fund risks and costs and charges, please refer to the Key Information Documents, Annual & Interim Reports and the Prospectus, which are available on the Evenlode website. Recent performance information is shown on factsheets, also available on the website. Past performance is not a guide to future returns. Fund performance figures are shown inclusive of reinvested income and net of the ongoing charges and portfolio transaction costs unless otherwise stated. The figures do not reflect any entry charge paid by individual investors.

The Evenlode ICAV sub-funds are subject to normal stock market fluctuations and other risks inherent in such investments. The value of your investment and the income derived from it can go down as well as up, and you may not get back the money you invested, you should therefore regard your investment as long term. As focused portfolios of between 30 and 50 investments, the Evenlode ICAV sub-funds carry more risk than funds spread over a larger number of stocks. The Evenlode ICAV sub-funds have the ability to invest in derivatives for the purposes of EPM, which may restrict gains in a rising market. Investments in overseas equities may be affected by changes in exchange rates, which could cause the value of your investment to increase or diminish.