Nutshell Asset Management

[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund IF GBP share class returned -0.44% for September. Global equity markets retreated in September as a sharp sell-off in government bonds weighed on sentiment. Longer-term yields rose significantly, while stalled US-Iran peace talks pushed oil prices higher, reigniting inflation concerns. The Federal Reserve responded by raising interest rates for the first time in three years, with Chair Kevin Warsh signalling that further tightening may follow. European equities fared worse than their US counterparts.

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[Nutshell Asset Management @NutshellAM]

Thanks to Lauren Hardy at Portfolio Adviser for bringing our CIO Mark Ellis into the discussion on companies that have captured his attention.

The piece looks beneath the surface at investment ideas from a selection of leading asset managers, with Mark sharing his perspective on Wesdome Goldmines, and the opportunities that currently stand out to him.

A worthwhile read for anyone interested in how fund managers are approaching today’s investment landscape.

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[Nutshell Asset Management @NutshellAM]

Thanks to Jonathan Jones at Trustnet for bringing our CIO Mark Ellis into the discussion on how the UK mid-cap market is evolving.

The article explores how the composition of the FTSE 250 has changed, with M&A and takeovers steadily reducing the number of companies within the index. At the same time, investment trusts now account for almost a third of the index by market capitalisation.

For us, the more important question is what this means for the quality and breadth of the UK mid-cap market. If high-quality companies continue to be acquired, does the investable universe become increasingly concentrated - and could quality ultimately evaporate from the index?

A thought-provoking look at how the UK mid-cap market is changing, and what that means for investors.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund IF GBP share class returned 3.89% for August. Global equity markets continued to advance in August, supported by another resilient earnings season and renewed strength across technology stocks. Despite the positive equity backdrop, bond markets remained volatile, as persistent inflation concerns, elevated energy prices and growing government borrowing requirements kept longer-term yields under pressure. A more hawkish message from Fed Chair Kevin Warsh at Jackson Hole also tempered expectations for near-term monetary easing.

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CAPITAL AT RISK

[Nutshell Asset Management @NutshellAM]

Thanks to MoneyWeek for the feature of the Nutshell Growth Fund, where our CIO Mark Ellis shares his thoughts on three quality businesses that we believe offer attractive long-term potential at reasonable valuations.

The article looks at Adobe, Auto Trader and Amphenol, and touches on a key part of our investment philosophy.

A great insight into how we look about finding exceptional businesses without losing sight of the price we pay.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund IF GBP share class returned 1.54% for July. July saw global equity markets pull back from recent highs as renewed Middle East tensions and growing scrutiny of AI capital expenditure weighed on sentiment, despite another strong corporate earnings season. While technology and semiconductor stocks came under pressure, several software companies delivered particularly strong performance, reflecting improving fundamentals and selective stock picking.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund GBP IF returned -0.03% in June. June saw global equity markets navigate geopolitical volatility before ending the month on a firmer footing. Easing tensions in the Middle East and falling oil prices helped improve investor sentiment, while continued investment in AI infrastructure reinforced confidence in long-term growth businesses.

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[Nutshell Asset Management @NutshellAM]

Thanks to Emanuela Hawker at Trustnet for mentioning Mark Ellis, our CEO & CIO, in a recent article. The article explores why large-cap stocks have outperformed smaller companies across global markets over the past decade.

Mark shared his perspective that this trend has been driven less by company size itself and more by the market rewarding businesses with the quality, resilience and scalability to consistently compound earnings, defend margins and reinvest for long-term growth.

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CAPITAL AT RISK

[Nutshell Asset Management @NutshellAM]

Thanks to Christian Mayes at Morningstar for featuring Nutshell Asset Management in a recent article. The article explores why strategic buyers are increasingly targeting UK-listed companies.

Our Founder & CIO, Mark Ellis, highlights the importance of strengthening the competitiveness of UK capital markets, including measures that encourage greater domestic investment and improve market liquidity over the long term.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund GBP IF returned 7.03% in May. May saw global equity markets advance further, supported by a strong corporate earnings season and continued investment in AI infrastructure. Technology and growth stocks led gains as companies reaffirmed long-term spending plans and earnings expectations remained resilient. Investor sentiment was further supported by easing geopolitical tensions in the Middle East, allowing markets to focus on fundamentals.

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[Nutshell Asset Management @NutshellAM]

Thanks to Ed Magnus at This Is Money for the feature of the Nutshell Growth Fund. The article highlights some of the companies we continue to back with conviction.

At Nutshell, our focus remains the same: identifying exceptional businesses with durable growth, strong fundamentals and attractive valuations, while staying agile in fast-moving markets.

Great to see our distinctive approach gaining wider recognition.

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[Nutshell Asset Management @NutshellAM]

Thanks to Darius McDermott for highlighting Mark Ellis and the Nutshell Growth Fund in a recent Trustnet article, discussing whether global equity funds should become “more global” in today’s changing market environment.

Mark Ellis noted the depth and breadth of opportunities in US equities remains difficult to ignore, particularly when it comes to quality businesses and innovation leadership.

Interesting discussion from a range of respected managers on benchmark awareness, concentration risk, and the evolving investment landscape.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund GBP IF returned 5.37% in April. This month saw a partial stabilisation in global equity markets, with volatility moderating as investor sentiment improved from March lows. Growth and technology stocks began to recover, supported by resilient earnings and renewed optimism around AI-related investment. Geopolitical tensions remained elevated but less escalatory, allowing markets to refocus on fundamentals. Quality Growth continues to present attractive value, with strong cash generation and earnings durability underpinning long-term return potential.

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[Nutshell Asset Management @NutshellAM]

Thanks to Juliet Schooling Latter and @FundCalibre for the recent mention of the Nutshell Growth Fund. We especially appreciate the recognition of the fund’s unique approach, challenging traditional stock-picking methods and focusing on a dynamic, data-driven process to identify high-quality opportunities.

An insightful perspective on quality investing, particularly in a market where discipline matters more than ever.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund GBP IF returned -4.01% in March. March was characterised by heightened volatility and weaker global equity markets, as risk sentiment deteriorated over the course of the month. Growth and technology stocks remained under pressure, while the escalation of the Iran conflict added to uncertainty and reinforced a more defensive market backdrop. This contributed to broad-based selling across equities, with few areas of the market offering meaningful shelter. Quality Growth continues to offer a compelling opportunity, with the current portfolio trading at a significant discount to the market in terms of P/E multiple and Free Cashflow yield despite materially superior fundamental factors.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth fund can serve as “the growth engine” of a JISA, according to Sheridan Admans, founder of Infundly.

In a recent Trustnet feature on Junior ISA fund ideas to help offset rising university costs, our approach was highlighted for its focus on long-term growth combined with sensible risk control.

As university costs continue to rise, the article highlights how combining growth-focused strategies with more defensive allocations can help families plan ahead over the long term.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund GBP IF returned -4.57% in February. The month was characterised by heightened volatility and an increasingly indiscriminate sell-off across global IT and software equities. Investors continued to favour Value over Quality-Growth. Notably, Quality has experienced one of its weakest starts to a calendar year relative to Value in recent history, adding further pressure to high-quality growth businesses. In the IT Sector, the drawdown was broad-based, with limited distinction between structurally profitable, cash-generative businesses and more speculative names. Multiple compression, rather than fundamental deterioration, drove performance.

More broadly, macro uncertainty persisted through the month, while risk sentiment deteriorated further late in the period following US’s military incursion in the Middle East, prompting a defensive shift across global equity markets into month-end.

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[Nutshell Asset Management @NutshellAM]

“Valuations across software are at or near all-time cheapness, and many market leaders are well positioned to use AI to further entrench, rather than erode, their competitive moats.”

In the piece, Mark Ellis shares clear insight on the recent sell-off across software and AI-exposed equities following major AI developments - and why the longer-term picture may be more compelling than the headlines suggest.

A timely perspective on market volatility, valuation resets, and how AI may ultimately strengthen - not weaken - leading businesses.

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[Nutshell Asset Management @NutshellAM]

Our CIO Mark Ellis joined Michael Wilson and David Buik on the Talking Markets podcast to discuss volatility, active management and navigating today’s uncertain markets.

From why volatility creates opportunity, to the importance of quality businesses priced correctly, Mark shares views on the Magnificent 7, selective AI exposure, and how political uncertainty can increase dispersion - the ideal backdrop for active stock selection.

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund GBP IF returned 0.50% in December. December saw markets adjust to shifting policy expectations following a Federal Reserve rate cut, with investor focus turning to the pace and extent of further easing in 2026. Global equities traded mixed, with heightened volatility in technology stocks and signs of sector rotation, while traditional year-end ‘Santa rally’ dynamics ultimately failed to materialise.

Broader market breadth weakened late in the month despite a strong full-year performance for US equities. Moderating inflation trends across several regions helped ease pressure on policymakers and shaped positioning into year-end.

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