It has been five years since the Havelock Global Select fund launched in August 2018. I will stop short of saying what “uncertain times” they were, as to my reckoning the future always was, is currently, and will continue to be, largely unknowable. With that said, we really have seen a series of very extreme events. A pandemic that caused the world economy to shutdown, a major war in Europe, zero interest rates, negative oil prices, never before seen amounts of central bank money creation, and double-digit inflation (to name but a few).
Our philosophy as long-term investors is not to think we can anticipate these events, or even that we will have much ability to accurately forecast their consequences once they are known. Rather, we wish to own a portfolio of companies that we think will be robust to whatever the future may hold. Our particular focus on “value” means that we look for opportunities where we think a favourable purchase price will provide a “margin of safety” against the unforeseen.
Being a patient, long-term investor allows us to legitimately not get drawn into the vagaries of short-term performance. It is from this vantage point that we move forward steadfast, with our investment philosophy unchanged. What has changed is that we have a stronger and more experienced team, overseeing a level of assets that means our business is profitable.
I am delighted to have welcomed Gregor into the investment team last month, whose existing experience as an analyst has meant that he “hit the ground running”. Together with Matt, who has been working for us for four years, and myself, this means we have three full time investors contributing to the fund. We are supported in this regard by Russ, who is our Head of Operations and Compliance. My co-Director Neil, together with Rushil, then form the client facing part of our team. Neil, and I, also jointly take care of all other matters to ensure that our company runs smoothly.
On behalf of both Neil, and I, I wish to thank our clients for the support they have given us. We are delighted with how the business has progressed since we founded it, and have high expectations for the future, as we see no shortage of interesting investment opportunities. Whilst we cannot make any promises about the performance that we will deliver, we believe that we are operating in an unloved corner of the market, which means that we are doing something genuinely different to most other global funds.