Kernow Asset Management March Letter: Short A UK Water Firm Amid Infrastructure Issues

Kernow Asset Management’s performance update for the month ended March 31, 2024. In March, the strategy delivered a 2.7% gain as a resilient global economy, and AI excitement bolstered market optimism. Global markets recorded their best first-quarter performance in five years. Mid-caps now have a platform to build on, and we hope they are poised to start to outperform large caps, further rewarding our current positioning. In the portfolio, ITV plc (LON:ITV) stood out this month, announcing the sale of its 50% holding in digital subscription streaming service BritBox for £255m. Pleasingly, the traditionally sleepy company will return £235m of…