TB Saracen UK Alpha - Recovery in Sight

The presentation today will include a brief introduction to Saracen and some market themes which will be covered by Scott and then we will move on to the fund itself which will be covered by David. The initial phase of the COVID19 crisis had a profound effect on global equity markets and whilst we have seen meaningful recovery from the lows, risk to earnings remain high and economic visibility low. The UK equity market remains unloved, with a significant performance and valuation gap relative to other global markets, particularly in UK-centric businesses. However, we are now seeing a number of companies putting recent events behind them and looking forward to the future with more confidence. In this webcast we examine our responses to recent events and look at the ability of the TB Saracen UK Alpha fund to grow capital from today’s low valuation point. Some of the key themes we will address include: - Our current thoughts regarding the depth of the current earnings downturn and the scope for recovery in 2021 and beyond - Why valuation discipline is still relevant in a changing world - The importance of a focussed, ‘multicap’ approach