March 2021 Quarterly Newsletter

In this quarterly edition, we review performance and attribution and provide a snapshot of company results from the recent February reporting season. We discuss the widely used PE ratio, the conundrum of owning ‘stranded assets’, and China’s latest five year plan targeting self sufficiency via leadership in science and technology. We review Black Box Thinking ” and consider the book s relevance to our portfolio. On our cover is the eye opening remuneration levels of US CEOs. We highlight how this relates to our portfolio and the way we vote. As reference, we include our Environmental, Social and Governance (ESG) and Voting Policy.