Nutshell Asset Management

[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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CAPITAL AT RISK

[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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CAPITAL AT RISK

[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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[Nutshell Asset Management @NutshellAM]

Buy-and-hold vs high turnover: Which style fits today’s market?

In his latest article Matteo Anelli at @FETrustnet discusses the merits of a higher turnover approach highlighting the Nutshell Growth Fund for this investment style.

'higher-turnover approaches such as the Nutshell Growth strategy have found far more fertile ground in today’s stop-start market cycle, as the chart below shows.'

Read the full article here...
https://t.co/QBa8qG7FuP

Find out more about the Nutshell Growth Fund here...
https://t.co/rJj7hQSsWH

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[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund GBP IF returned -2.53% in November. Global equities were volatile but broadly flat in November. During the month there was profit taking on mega-cap tech tied to investor concerns of high valuations and whether expensive AI-driven investments will ever pay off.

However, optimism around potential Fed rate cuts and a strong earnings season helped boost sentiment resulting in a sharp rebound at month end.

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[Nutshell Asset Management @NutshellAM]

Global equities extended gains in October as a Fed rate cut and softer inflation reinforced expectations of a soft landing. AI and tech sectors led performance, supported by strong earnings and renewed investor inflows.

While U.S. data softened and policy uncertainty lingered, optimism around easing financial conditions and resilient global growth kept risk sentiment positive. The Nutshell Growth Fund GBP IF returned 2.75% in October.

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[Nutshell Asset Management @NutshellAM]

Nutshell Growth Fund in the Press #fefundinfo - Matteo Anelli

Nutshell Founder, Mark Ellis talks about trimming its US weighting and taking profits from tech leaders like Nvidia, Meta and Alphabet.

"The fund’s twice-monthly rebalancing process means it’s constantly re-evaluating where quality and value intersect."

Read how Nutshell’s adaptive, data-driven approach is navigating the changing global equity landscape: https://t.co/hQkua95VyX

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[Nutshell Asset Management @NutshellAM]

In his latest interview with FE Trustnet's Matteo Anelli, Mark Ellis discusses the process behind the Nutshell Growth Fund’s consistent outperformance - and why it’s unlike anything else in the IA Global sector!

'In a crowded sector where trackers seem to have the upper hand, Nutshell Growth, launched in 2019, was in the 29th percentile over the past five years against its peers and rose to the fourth and 16th percentile over three and one year, respectively'....

“We recalibrate the portfolio from scratch twice a month, ensuring we’re deploying capital to the best stocks for the best possible price.”

“On average, we’ve added 5.9% per annum from all this extra work — all while keeping total trading costs to just 20 basis points.”

“Our internal model captures 37 different factors — around 60% quality, 20% valuation, and the rest growth — giving us a live, data-driven picture of where the best opportunities are globally.��

Read the full article - The top-performing global fund with an ‘eye-popping’ 700% turnover | Trustnet
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[Nutshell Asset Management @NutshellAM]

Global equity markets continued to hit new all-time highs in September, as AI enthusiasm, resilient earnings growth, and a rate cutting Fed outweighed typically weak seasonality and broader macro concerns.

While recent softness in U.S. employment data and the government shutdown pose near-term risks, we expect the investment backdrop in Q4 to remain favourable. The Nutshell Growth Fund GBP IF returned 1.57% in September.

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CAPITAL AT RISK

[Nutshell Asset Management @NutshellAM]

The Nutshell Growth Fund, managed by Mark Ellis, features in TrustNet's latest piece, highlighting the fund's outperformance:
https://t.co/XloHnygaiS

“Mark's high-turnover approach to buying high-quality companies is faring considerably better than most of the buy-and-hold funds buying the same companies.”
Check out the chart inside…