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Trading Updates  07/06/2019

Sale: TUI

We have sold our position in TUI, the tourism group.

Since we have owned it the management team have successfully transformed the company into a fully integrated holidays provider, however, the business is now operating in a difficult market environment.  The ongoing uncertainty caused by Brexit combined with the memory of last year’s warm summer has resulted in lower customer bookings causing an overcapacity in the industry which is pressuring prices whilst costs continue to rise.  In the longer-term it is conceivable that TUI will emerge from this environment in a stronger position as the weaker operators are forced to restructure, however, in the near-term we believe there is considerable earnings risk to the business which could drive the share price down.

Cornelian Investment Team

Trading Updates  11/09/2019

Trading Update - 11 September 2019

Further trades have taken place in the funds in September. Purchased: Allianz Strategic Bond Fund and Blackrock Emerging Markets Fund. Sold: Brown Advisory Latin American Fund and Vanguard Emerging Markets ETF and BT Group.

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Trading Updates  03/09/2019

Trading Update - 3 September 2019

Purchased: UDG Healthcare and Legal & General Multi-Asset Target Return Fund.

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