TB Saracen UK Alpha: A Road To Recovery – The Sequel

The initial phase of the COVID19 crisis had a profound effect on global equity markets and whilst we have seen significant recovery from the lows, risk to earnings remain high and economic visibility low. With our high exposure to UK small and mid-caps, the TB Saracen UK Alpha fund has been challenged by these unprecedented circumstances. The UK equity market remains unloved, with a significant valuation gap relative to other global markets, particularly in UK-centric businesses. With so many norms having been challenged it has become increasingly difficult to identify true value in the teeth of such widespread economic and social uncertainty. In this webcast we examine our responses to recent events and look at the ability of the TB Saracen UK Alpha fund to rebuild capital during these troubled times Some of the key themes we will address include: - Our current thoughts regarding the depth of the 2020 earnings downturn and the scope for recovery in 2021 - Why valuation discipline is still relevant in a changing world - The importance of a focussed, ‘multicap’ approach