Venture: Portfolio Update

Issue 59

There have definitely been fewer recommendations of late, and for good reason. I want to keep standards high, and that means being picky. When Venture was launched in September 2023, it was obvious that many UK and European stocks, especially small and mid-caps, were oversold. Some of the easy pickings are behind us, and the results have been fabulous.

Part of those excess returns come from the UK mid-cap FTSE 250 Index (red), which has rallied but is still not back to pre-covid levels. I would also highlight the junior Alternative Investment Market Index (AIM), which remains packed with value but is suffering from a liquidity drain.

UK Major Indices

Source: Bloomberg

There’s more to be done, especially in areas such as real estate, that will benefit from further rate cuts and the government’s planning reforms. Sometimes, the notes will come thick and fast. At other times, less so, but be sure, we never compromise on quality.