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At Devon we consider investments using a “bottom up” approach – that is, we focus on individual stocks and take views on their individual attributes and earnings to decide whether to invest in them. Our portfolios are constructed by aggregating together our preferred stocks. We use this approach because we take the view that ultimately quality and value will win out. This approach is considered “active” portfolio management and as such our portfolios typically do not follow the performance of underlying indexes.

What an extraordinary year 2016 was. Over a 12-month period  in which British citizens voted to exit the European Union and American citizens voted in Donald Trump as Commander-in-Chief, who would have imagined that global equity markets would in many cases be trading at, or near to, all-time-highs. But as we look to rule off 2016 we thought it would be useful to cast our thoughts towards next year and look at what some of the key investment themes are likely to be.

Paul Glass speaks to the New Zealand Herald in the latest Economy Hub video series regarding the Reserve Bank and the US election result (10 November 2016).

Market update, provided by the Devon Investment Team. 10 November 2016

October saw the New Zealand equity market fall -5.4%, its sharpest monthly fall in several years. Since its all-time high, reached on 7 September 2016, the market has declined (at the date of writing) by -11.4%. It has also been notable that the New Zealand market has recently performed much worse than most of its international peers. So, what could be driving the recent activity, and should we be worried (or at least more worried than normal)?

Devon market update, provided by Nick Dravitzki, 27 October 2016

September 2016 Interest Piece

The most common way for a private company to be listed on a stock exchange is through an Initial Public Offering (IPO). There are a number of reasons why companies come to the listed market. The first, and typically the most attractive reason for us as investors, is that some businesses find themselves on a path of growth and opportunity that requires additional funding. These IPO’s are often a great chance for us to invest into exciting new companies, as long as they are sensibly priced.

Paul Glass speaks to the New Zealand Herald in the latest Economy Hub video series regarding the Fonterra result (22 September 2016).

Click here to view the discussion.

Devon market update, provided by Slade Robertson, 15 September 2016

Now the reporting season is behind us we thought it would be useful to recap on how New Zealand and Australian companies performed during the past month, as they delivered their profit outcomes and guided the market as to their expectations of future performance.