Adobe (ADBE:NYSE) is a dominant player in the creative tools market, with a market capitalization of US$157.09B. Adobe's exceptional business model, enviable market position, and highly sticky products make it an attractive long-term investment opportunity. While concerns about the legacy business following its recent acquisition of Figma may have caused some volatility in stock price, Adobe's consistent growth and high retention rates make it an attractive long-term investment.  READ OUR ADOBE SUMMARY REPORT   ..read more

Alibaba Group, a Chinese conglomerate, has built an ever-expanding ecosystem covering an enormous segment of Chinese economy, including domestic/international e-commerce, logistics, digital banking and payment, cloud computing and digital media & entertainment. Its 2014 IPO shattered all records becoming world's largest IPO at the time. Yet the company has been under scrutiny since 2021 largely due to the tighter regulations imposed by the Chinese Government - especially after its once high flying founder, Jack Ma, publicly chided the country's financial system in October 2020. Its share ..read more

Moncler is a textbook example of how a luxury brand can leverage its history while simultaneously embracing new ideas in order to reinvent itself for a new generation. Poised to be one of the top global luxury outerwear manufacturer, Moncler shows few signs of slowing down during an economic downturn. Investors in the Elevation Capital Global Shares Fund hold an investment in Moncler. We added Moncler to the portfolio in March 2022 during the market sell-off, as we believe Moncler to be undervalued relative to our assessment of its intrinsic value. To learn more, read our Moncler Investment S ..read more

Palantir, a company that renders large strands of data accessible and understandable, is the operating system for governments and large enterprises. Palantir's links to Deep State stem from a 2004 investment from the CIA's venture capital fund and the company has since rapidly increased its commercial client base, alongside its government contracts. Investors in the Elevation Capital Global Shares Fund hold an investment in Palantir. We added Palantir to the portfolio in 2021 and subsequently increased the position during periods of market weakness, as we believe Palantir to be considerably u ..read more

There are few fashion houses more iconic than Gucci, Saint Laurent and Balenciaga - all of them have left an indelible impact on fashion from the mid-20th Century till today. One unlikely company owns all these iconic houses: Kering S.A. The company began life as a timber trading company in 1963, and has since become a luxury conglomerate. Investors in the Elevation Capital Global Shares Fund hold an investment in Kering. We once again added Kering to the portfolio during the market sell-off in February 2022, as we believe it is deeply undervalued relative to its intrinsic value and luxury pe ..read more

Investors in the Elevation Capital Global Shares Fund own shares in Hermès International SA (RMS: ENXTPA), a leather good, luxury powerhouse best known for its infamous Birkin and Kelly Bags. Hermès is the epitome of luxury, offering premium goods such as bags for men and women, ready-to-wear garments, and accessories. Rising to prominence in the late 19th century as a saddlery manufacturer, Hermès has reigned supreme for six generations operating 303 exclusive stores and employing 15,000 artisans, who must each progress through a two-year training program before they are permitted to begin ..read more

Just some of the content the Warner Brothers Discovery (WBD) owns. One of the recurring themes of the Elevation Capital Global Shares Fund is IP (intellectual property). We love it. In our previous post, Content is King (and Undervalued) we wrote: …the comparatively outsized impact legacy media has on popular culture and the zeitgeist (AT&T subsidiary HBO produced the show of last year, Succession; whilst ViacomCBS owned subsidiary Paramount produces arguably the second most important television show, Yellowstone; also consider the sheer amount of IP legacy media owns – everything from M ..read more

One of the metrics we look at when we acquire a fractional interest in a company is its Return on Invested Capital (ROIC). Think of it as what management actually returns on the capital employed in a business – a company that consistently returns +15% on capital employed is going to be a very attractive business in the long run. For instance, Hermes returns +16% on capital employed - this is part of why we acquired shares in Hermes for the Elevation Capital Global Shares Fund portfolio, combined with heavily aligned management –  the Dumas family owns over 50% of the company, and an unas ..read more

Investors in the Elevation Capital Global Shares Fund own a share of Universal Music Group (UMG), the world’s largest record company, with +32% of the world’s total music revenues.  There are few things surer than the predilection of humanity for music. It is the shorthand of emotion, as Tolstoy once quipped. To own UMG is to earn a “royalty” on people listening to music, something we are certain is bound to continue til the end of time. As streamers such as Spotify have matured, music industry revenues have recovered to near-early 2000s levels and a symbiotic relationship has developed ..read more

There is little point in beating around the bush. Stock markets have been subject to heightened volatility. The short-term results aren’t pretty. Even “value”-orientated portfolios have been subject to “market forces”.We are constrained by our mandate – we cannot short (and would not want to anyway) or engage in derivatives. This is most likely a good thing if history is any guide – the investor who invested their portfolio into US equities on the eve of WWI would’ve seen their portfolio rise, on average, ~47% between 1914 and and 1923. A similar scenario occurred during WWII – UK equities ou ..read more