At the London Value Investor Conference 2025, Charles Heenan of Kennox Asset Management spoke on the Kennox Value: The First Three Decades panel, where he reflected on three decades of disciplined investing and shared his views on enduring principles, including the importance of price, counter-cyclicality, and positioning for a changing world. He highlighted several stocks that he likes right now, located around the world.
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2025 London Value Investor Conference - Charles Heenan
Independent company out of Scotland. We are aligned - we are co-investors in our fund. We are in the business for three decades.
Investing is about the future.
The two biggest issues for the next two decades - debt and US exceptionalism.
Over the years the way we trade stocks changed. The way we pick stocks did not.
We were buying in the crisis situations, see slide below.
Price matters. Everyone knows what a terrible, terrible investment energy has been here after people have talked about it. We owned Shell 15 years ago and we made 9% compounded returns.
