Our CIO, Dr. George Cooper, describes today's market as the coexistence of a 'bubble' and an 'anti-bubble.' A few narrative-driven stocks with extreme valuations dominate today's market. These stocks have drained liquidity from the rest of the market, leaving a target-rich environment of overlooked companies trading at fire-sale prices. Over the past 12 months, our stock selection process has stressed the intersection between valuation and momentum. As a result, we've successfully taken positions in a number of under-owned companies that’ve displayed turnaround characteristics. Our long-only funds returned 27.24% in the last 12 months (ending January 2025) to our investors in the Sterling currency class. 58% of our positions in our long-only funds display a Price-to-Earnings ratio in the teens, and the weighted average market capitalization of the fund sits at $137bn – well below the stretched average valuations of S&P500 & NASDAQ. As we've continued into 2025, we feel the existence of the 'bubble' and 'anti-bubble' may begin to normalize as market breadth improves and sky-high expectations begin to disappoint. In January's report to investors, George attributed both our Long-Only and Macro Hedge Funds monthly return (+9.8% &. +14.6%) to improving margins in the Banking and Financial Services sectors, amidst a better business and consumer backdrop. George wrote "We suspect the AI boom is a malinvestment bubble, akin to the Railway Mania of the 1840s or the Telecom Bubble of the 1990s—ultimately beneficial for the economy but potentially disastrous for early investors." With the US beginning to look more mid-cycle than end-of-cycle, and some green shoots beginning to appear in the rest of the world, we believe plenty of opportunities will present themselves as we continue to look for 'Growth At A Reasonable Price.' If you have any questions on either fund, please get in contact at info@equitile.com or visit us at @Equitile

RT @Equitile: A Very Happy Lunar New Year! #Yearofthesnake2025

RT @Equitile: From the booming "silver economy" to the rising spending power of older generations, the below article from our CIO, Dr. Geor…

RT @pmarca: Deepseek R1 is one of the most amazing and impressive breakthroughs I’ve ever seen — and as open source, a profound gift to the…

An insightful piece from our CIO, Dr. George Cooper, on that state of global demographics. Get in touch with us longevity@equitile.com, if you would like the second part of the article or you'd like to find out more. @Equitile

AI: A mountain of malinvestment? Restarting our blog with a new piece on AI. @Equitile

@minenergybiz Just wait for Rio's Simandou Project to come online. A lot of Western Australian Iron Ore producers will become uncompetitive overnight.