PVM - Relative Value Specialists - Investment Report March

                                             Saxo Bank– J. Safra Sarasin update

Pure Value Metrics is delighted that our strategic partner Saxo Bank has received full regulatory approval for its new majority shareholder J Safra Sarasin, one of the world’s most highly capitalized (CET1 ratio) Banks.

Despite the Iran/Middle East war, March 2026 led to relatively small Client drawdowns, given the current low chosen investment exposure and resulted in an overall a pleasing positive Q1 result, given the circumstances.

Your overall portfolio investment level remains at the lowest of the last 3 years as gains have been realized and exposure reduced in line with the PVM Matrix investment model, we are ready and prepared to engage again on significant market dips.

                                                              Global Shipping

One of the key trends of the last 20 years has been a doubling of the global Seaborne cargo tonne miles travelled, whilst global GDP has grown less than 50% during the same period, illustrating what an increasingly critically important factor it has become.

Knowing this fact alone, should have made people think twice about starting a new Middle East war, in such a pivotal shipping region. The ongoing inflationary impacts are probably still underestimated.

                                           March Portfolio Returns Summary

Amongst the equity positions held, Neste Sustainable Fuels, Woodside Energy and Norsk Hydro were the best performers; whilst Barratt Redrow, Taylor Wimpey and Brembo underperformed.

                                                      Recent Portfolio Changes

Bellway Homes was added as a new investment, the positions in Barrat & Taylor Wimpey were increased, whilst some of the portfolio holdings in Norsk Hydro, Kali & Salz & Neste were reduced.

                                                              Portfolio Construction*

Pure Value Metrics Client Portfolios are built “bottom up” with a selection of companies found in the latest PVM Investment Matrix. They are very well diversified across Countries and Industry Sectors, the Companies and Sectors rotate over time with changes in their relative valuations. 

Yours Sincerely,

Richard-Mark Dodds

Chairman & Chief Investment Officer

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* Please note this is a referential PVM portfolio; your own portfolio may differ.