Kernow Asset Management's commentary for the month ended October 31, 2025.
The strategy declined 0.8% in October as the market shrugged off private credit ‘cockroach’ concerns.
Every cycle finds a new way to dress up illiquidity as innovation. Start with high-risk junk bonds. Strip out the liquidity. Bundle them up and rebrand the package as a stable, high-return investment. Slap on a fat fee and you’ve got the finest product of our generation. Private Credit.
Just don’t use your own money.
Also see our interview with Kernow Asset Management in the Q2 2025 issue of Hidden Value Stocks.
Rachel Thieves: The Phantom of the Budget
For now, markets are riding the AI bull run, falling rates, and a lull in global tensions. UK large caps led the charge, making a mockery of our mid- and small-cap positioning. The spectre of November’s budget continues to haunt domestic companies’ plans. We believe the cloud of uncertainty will lift soon, clearing the way for a catch-up Santa rally.
Look, being Chancellor is brutally hard. Every word gets picked apart by people who couldn’t balance a coin, let alone a national budget. It’s a tough job, and at least she’s finally building something, her rap sheet.
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