TB Saracen UK Alpha: A Road To Recovery

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Presented by

Scott McKenzie & David Clark

About this talk

The current COVID19 crisis is having a profound effect on global equity markets and, with our high exposure to UK small and mid-caps, the TB Saracen UK Alpha fund has been significantly challenged by these unprecedented circumstances. In the current climate economic fragility has become widespread, with large numbers of UK companies, both weak and strong, unable to pay scheduled dividends as they look to preserve liquidity during this crisis. The UK equity market remains unloved, with a significant valuation gap relative to other global markets, particularly in UK-centric businesses. However, it has become increasingly difficult to identify true value in the teeth of such widespread economic and social uncertainty. In this webcast we examine the impact of these recent events and look at the ability of the TB Saracen UK Alpha fund to rebuild lost capital during these troubled times Some of the key themes we will address include: - Our current thoughts regarding the length and depth of the earnings downturn - Why valuation is still relevant in a changing world - The importance of a focussed, ‘multicap’ approach

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