Kernow Factsheet May 2026 -0.4%; CTR +118% – Future PLC Could Be A Five-Bagger

Kernow Asset Management‘s commentary for the month ended May 31, 2026.

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In May, the strategy declined 0.4% as the future continued its long tradition of humiliating extrapolation.

We expected three payouts. A CMC earnings upgrade. A Wise liquidity event. An Autotrader relief rally. All three proved elusive. To further improve our mood, we must now adapt to likely tax increases later this year. We have become more negatively positioned, with the short book advancing beyond 40% exposure.

Our recent good run stalled. To cheer ourselves up, we went to see a friend.

Debt Is The Kray Twins. Equity Is The Chuckle Brothers

Deep in the caverns of Gordon’s Wine Bar, a lender told us that he believed the equity was already worthless. He did not seem especially concerned. He was loaning to owning. A cheap option. Suddenly, the equity story seemed a lot less interesting. Then we found ourselves wondering how many companies he had seen die. At this point, fresh air seemed appealing.

This all started innocently enough. We were looking for something beautiful and found Aston Martin. Compared with peers, the products are often slower, heavier and less reliable. God, they look good though. Aston Martin is purchased by people who value form over function. You know the sort. They live in listed houses and reek of taste.

We rebuilt seven years of accounts and came to a remarkable conclusion. They should stop selling cars at a loss. Fans love the product. Every car finds a buyer. Personalisation looks underexploited. License an electric car here. White label a 4×4 there.