Never Be Disappointed with an Up Week!
25 July 2023
The unexpected fall in UK inflation data brought a lot of optimism for UK stocks, and likely the reason for the underperformance vs a user base and index that is much more UK focussed.
Big winner was Howden Joinery, which on the back of that data surprise has more than made up recent weakness, solidly putting us back in the black in that position. Remains good value in my eyes so won’t be cutting just yet.
Mercadolibre has had it very rocky these last few weeks, and glad to see it back on track. Certainly one of the more volatile names in the portfolio but still really like the business and continue to view it as undervalued given growth prospects.
Some of the commodities names saw some weakness on more concerns around China’s recovery being slower than most hoped.