Kennox is a wholly independent investment manager. Our sole focus is the Kennox Strategic Value Fund, our highly differentiated, long only global equities portfolio.
Our independence is essential. Our value investment style is long term and can be contrarian – an approach that can only truly flourish in a management-owned environment, where our investment team is free from unhelpful short term distraction.
We are true value investors
Kennox at the London Value Conference
Value Investing has been interpreted by investment professionals in a variety of different ways. Our approach is unique to Kennox and, we believe, is true to the core principles of the value pioneers.
- Our outlook is always long term. This allows us to take advantage of situations where real worth is misrepresented due to short term pessimism.
- We are bottom-up stockpickers. We look to uncover stocks that are significantly undervalued despite having stable earnings streams and identifiable business franchises.
- We are contrarian and willing to buy when the majority of publicity on a company is negative. Likewise, we have the courage of our convictions to sit out frothy and bubbly markets.
- A margin of safety is essential. We seek and find investment opportunities with an asymmetric risk profile – significant upside potential with limited downside risk. We don’t rely on aggressive growth forecasts to make our investment case.
- We are highly risk-aware. We actively manage risk by diversifying underlying earnings streams. Risk management is inherently a top-down process.
- We are long only and unleveraged - our skill lies in unearthing companies which are undervalued. Shorting relies on predicting when bubbles will burst - we leave that to others. Leverage inherently increases risk - it does not square with our primary goal of capital preservation.
We are uncompromising in our search for true value. Very few companies meet our stringent investment criteria - those that qualify form part of a concentrated, yet highly differentiated portfolio with a proven track record of long term outperformance.
28 Drumsheugh Gardens, Edinburgh UK, EH3 7RN Tel: +44(0)131 563 5440 firstname.lastname@example.org
Kennox Asset Management is authorised and regulated by the Financial Conduct Authority.