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Argonaut provide high conviction savings and investment solutions for investors, combining robust macro economic analysis with fundamental bottom up stockpicking.
With near zero cash and bond yields, the case for equity income has never been more compelling. Yet we have noticed that most equity income funds have sub-market yields: seemingly believing that stocks with high dividend yields are always value traps; a reflection of industries in terminal decline; or that equity income investing will inevitably lead to underperformance against a bull market in growth stocks. We do not share this view. Nor has it been our experience.
People also ask us why we invest in Europe. We are reminded of the story of US fugitive William Sutton, who was once asked why he robbed banks: “Because that’s where he money is” he supposedly replied. Europe stands out globally as the place to look for equity income opportunities.
Norris categorizes the funds’ investments into three distinct types: stocks with monopoly type characteristics; stocks with improving capital discipline and finally stocks with more cyclical risk, where an upswing in earnings will result in windfall dividends. More recently the fund has taken profits on cyclical exposure, believing that global growth expectations are overly bullish. Nevertheless, any downturn will likely lead to yields on cash and bonds falling further, serving to further highlight the attractiveness of selected equities as a source of income.
As of today the prospective gross yield on the fund is a sector leading 6%.
The aim of the Alpha Fund is to provide attractive returns to investors through traditional long only investing in our best ideas, predominantly from Europe.
We believe that the fund is suitable for investors wanting exposure to the broad European equity market in an active, concentrated stock-picking fund, that focuses on companies with “earnings surprise” potential, rather than traditional investment styles of “value” or “growth”
The fund should be judged by its long term return relative to other European equity funds. Since launch in 2005 the fund has significantly outperformed the average fund and this is also true of the fund strategy overall which was launched in 2002.
Argonautica
Posted by Barry Norris
21 Nov 2024
In Hans Christian Anderson’s fairy tale “The Emperor’s New Clothes”, a vainglorious Emperor is conned by a pair of villainous tailors into parting with sacks of money in exchange for magical clothes. According to the conmen, the emperor’s magic suit can only be seen by clever people and will be invisible to anyone stupid or anyone who can’t do their job properly.
Posted by Barry Norris
24 Jun 2024
On the morning of the 1992 General Election the Sun newspaper front page famously warned its readers that “If Kinnock wins today will the last person to leave Britain, please turn out the lights.”
Posted by Barry Norris
22 Apr 2024
The fall of the Berlin Wall in 1989 marked the symbolic end of the Cold War. But it was an economic not a military victory; a realisation in the Soviet Union that communism could never bring the same economic advancement as capitalism.
Argonaut TV
By Barry Norris
20 Nov 2024. Duration: 45:21
Moneyweek Lecture – Barry Norris, Argonaut Capital
By Barry Norris
04 Nov 2024. Duration: 11:36
By Barry Norris
04 Oct 2024. Duration: 10:05
Posted by Barry Norris
21 Nov 2024
In Hans Christian Anderson’s fairy tale “The Emperor’s New Clothes”, a vainglorious Emperor is conned by a pair of villainous tailors into parting with sacks of money in exchange for magical clothes. According to the conmen, the emperor’s magic suit can only be seen by clever people and will be invisible to anyone stupid or anyone who can’t do their job properly.
Posted by Barry Norris
24 Jun 2024
On the morning of the 1992 General Election the Sun newspaper front page famously warned its readers that “If Kinnock wins today will the last person to leave Britain, please turn out the lights.”
Posted by Barry Norris
22 Apr 2024
The fall of the Berlin Wall in 1989 marked the symbolic end of the Cold War. But it was an economic not a military victory; a realisation in the Soviet Union that communism could never bring the same economic advancement as capitalism.
The Fund aims to provide positive absolute returns in Sterling share class currency over a 3 year rolling period, utilising a variety of asset classes and regardless of market conditions. The Fund will not be managed against any formal benchmark.
The fund offers investors exposure to a concentrated portfolio of European companies, managed using a high conviction, best ideas approach, with the aim of significantly outperforming the Europe ex UK stock market.
The Argonaut Capital Partners website is designed for the use of Investment Professionals and Institutional Investors only. Please select the category that best reflects your status to access the website. This website is governed by the laws of the UK.
This website is directed at Investment Professionals (Independent Financial Advisers and Discretionary Investment Managers) as well as Institutional Investors. This website is governed by the laws of the UK and is not intended for use by Retail Investors. Issued by Argonaut Capital Partners Reg No. SO300614. Registered office: 4th Floor, 115 George Street, Edinburgh, EH2 4JN. Authorised and regulated by the Financial Conduct Authority.
Please read our risk warnings for your own protection and benefit before proceeding. The information on this website is not intended to constitute financial, investment, legal or other professional advice and should not be treated as a substitute for proper professional advice.
Argonaut Capital Partners endeavours to ensure that the data and other material in this website is correct and complete, but does not accept liability for any error made or omission from this website. Applications to invest in any fund referred to within this site must only be made based on the information contained within the relevant offer document i.e. Key Investor Information Document where applicable.
The Argonautica blog is made available solely for the information of UK investment professionals, UK institutional investors, International investment professionals as well as International institutional professionals and is not intended for, and should not be relied upon by retail investors. The information contained or referred to in the blog is given for information purposes only and is not intended to constitute financial, legal, tax, investment or other professional advice and should not be relied upon as such. The content of the Argonautica blog is for the confidential use of only those persons to whom it is lawfully transmitted and is not to be reproduced, distributed or used for any other purposes.
Nothing on this site shall be deemed to constitute investment advice.
Residents or citizens of the United States of America are specifically prohibited from investing in these funds and no person may offer investment in these funds to residents or citizens of the United States of America.
Cookies are currently used on the Argonaut website to prevent disclaimer pages from reappearing when you return to the site and by Google Analytics, a web analytics service provided by Google, Inc. to compile anonymous, aggregated statistics that allow us to understand how users use our site.
For more information about our Cookie policy and how to disable cookies on your computer please read our Privacy and Cookie policy before proceeding. By accepting the terms of this disclaimer and entering our website you are agreeing to our Cookie policy.
Please note that this website is governed by the laws of the UK.
Residents or citizens of the United States of America are specifically prohibited from investing in these funds and no person may offer investment in these funds to residents or citizens of the United States of America. The information does not constitute an offer or solicitation of an offer for investment in any jurisdiction outside the United Kingdom.
By entering this site you have agreed that you have read and understood and agreed to be bound by the terms of this Legal page.
General Terms and Disclaimers
The following information applies to every page on this website, whether or not such pages individually contain a disclaimer notice.
Please read the following important information. It explains certain legal and regulatory restrictions which apply to any investment in the products referred to in this website. Nothing contained in this website is intended to constitute financial, investment, legal or other professional advice and should not be treated as a substitute for professional advice.
Argonaut endeavours to ensure that the data and other material in this website is correct and complete, but does not accept liability for any error made or omission from this website. Nothing on this site shall be deemed to constitute investment advice. Applications to invest in any fund referred to within this site must only be made based on the information contained within the relevant documentation, e.g. Key Investor Information Document.
The information contained within this site has been compiled with care to ensure accuracy at the date of publication however the development of Argonaut products and services is continuous and published information may not always be up to date.
Copyright in the pages of this site and all proprietary rights in the information and material therein is and shall remain the property of Argonaut. Reproduction, redistribution and transmission of any information in these pages, in whole or in part, without the prior written consent of Argonaut is strictly prohibited.
Argonaut shall not be liable for any claims or losses of any nature, arising indirectly or directly from use of the data or material on this site.
Money Laundering
We are required by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Proceeds of Crime Act 2002, the Terrorism Act 2000, the Bribery and Corruption Act 2010, the Financial Conduct Authority Senior Management Arrangements Systems & Controls Sourcebook and the Joint Money Laundering Steering Group guidance notes (as amended from time to time) to verify both the applicant and the source of funds (if different). This may involve us carrying out an electronic search of information using credit reference agencies. Completion of an application form represents permission to access this information in accordance with the Data Protection Act 1998 and also the General Data Protection Regulation.
Links to External Sites
Links to other sites from this website are for information only. Should you leave this website via a link contained herein, you do so at your own risk. Argonaut is not responsible for the content on other websites.
Telephone Calls
Both incoming and outgoing calls maybe recorded and/or monitored.
Internet communication is not guaranteed to be timely, secure, error or virus free. Argonaut accepts no liability for any harm to systems or data, nor for personal emails. Emails may be recalled, deleted and monitored.
Data Protection
There is a separate page called "Privacy and Cookie Policy" for information on data protection.
This Website is directed at Institutional Investors and is not intended for use by Retail Investors or members of the General Public.
1. Important Information
Please note that this website is governed by the laws of the UK and is not intended to constitute financial, investment, legal or other professional advice and should not be treated as a substitute for professional advice. This website is intended as a summary for Institutional Investors and is not an invitation to subscribe for shares or units.
Argonaut endeavours to ensure that the data and other material in this website is correct and complete and the information contained hereto is published in good faith but no representation or warranty, express or implied, is made as to its accuracy or completeness and it should not be relied on as such.
Argonaut shall have no liability for any error made or omission from this website or for any loss or damage arising out of the use or reliance on the information provided herein including, without limitation, any loss of profit or any other damage, direct or indirect. Argonaut excludes any claims, losses, costs, damages, expenses (including reasonable legal cost and expenses) or liabilities whatsoever, however suffered or incurred. Argonaut shall not bear any losses, costs or expenses incurred as a consequence or result of improper use by any third party or investor of this website.
Subscriptions in any Argonaut fund is only valid if made on the basis of the current Prospectus, the Supplements to the Prospectus (where applicable), the Simplified Prospectus and the most recent financial reports (where available) which are available on request by e-mailing sales@argonautcapital.co.uk or on our website www.argonautcapital.co.uk
This website does not constitute an offer or solicitation to invest in any fund in any country where such offer or solicitation is unlawful. This website is not directed at you if the laws or regulations of any country prohibit or restrict the material on this website from being made available to you, and it is not intended for any use which would be contrary to local law or regulation. You should only enter this website if you have satisfied yourself that the country in which you are based imposes no prohibitions or restrictions on the distribution of material on this website.
Distribution of any documents and the offering of shares in certain jurisdictions may be restricted by law and accordingly persons into whose possession this document comes are required to inform themselves about and to observe such restrictions.
Residents or citizens of the United States of America are specifically prohibited from investing in Argonaut Funds and no person may offer investment in Argonaut Funds to residents or citizens of the United States of America.
Past performance is not a guide to future performance. Any performance data shown does not take into account the commissions and costs incurred on the issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Potential investors must consult their financial & tax advisers before purchasing or selling shares in the Fund.
This website is issued by Argonaut Capital Partners and is authorised and regulated in the United Kingdom by the Financial Conduct Authority.
2. General Terms and Disclaimers
The information contained within this site has been compiled with care to ensure accuracy at the date of publication, however, the development of Argonaut products and services is continuous and published information may not always be up to date.
Copyright in the pages of this site and all proprietary rights in the information and material therein is and shall remain the property of Argonaut. Reproduction, redistribution and transmission of any information in these pages, in whole or in part, without the prior written consent of Argonaut is strictly prohibited.
3. Money Laundering
For institutional investors, the identity of the legal entity which will invest must be established before business can be accepted. If the applicant is a pension scheme, the Pension Scheme Trust Deed and any amendments thereto will require to be produced.
4. Links to External Sites
Links to other sites from this website are for information only. Should you leave this website via a link contained herein, you do so at your own risk. Argonaut is not responsible for the content on other websites.
5. Telephone Calls
Both incoming and outgoing calls may be recorded and/or monitored.
6. Email
Internet communication is not guaranteed to be timely, secure, error or virus free. Argonaut accepts no liability for any harm to systems or data, nor for personal emails. Emails may be recalled, deleted and monitored.
7. Data Protection
There is a separate page called "Privacy and Cookie Policy" for information on data protection.
Company Details
Argonaut Capital Partners LLP
Argonaut Capital Partners LLP [Registered in Scotland SO300614. Registered Office: 115 George Street, Edinburgh, EH2 4JN
*Authorised and regulated by the Financial Conduct Authority.
By dismissing this popup, you acknowledge that you have read and understood this disclaimer.
This website is directed at Investment Professionals (Independent Financial Advisers and Discretionary Investment Managers) as well as Institutional Investors. This website is governed by the laws of the UK and is not intended for use by Retail Investors. Issued by Argonaut Capital Reg No. SO300614. Registered office: 4th Floor, 115 George Street, Edinburgh, EH2 4JN. Authorised and regulated by the Financial Conduct Authority.
Please read our risk warnings for your own protection and benefit before proceeding. The information on this website is not intended to constitute financial, investment, legal or other professional advice and should not be treated as a substitute for professional advice.
Argonaut Capital Partners endeavours to ensure that the data and other material in this website is correct and complete, but does not accept liability for any error made or omission from this website. Applications to invest in any fund referred to within this site must only be made based on the information contained within the relevant offer document i.e. Key Investor Information Document where applicable.
The Argonautica blog is made available solely for the information of UK investment professionals , UK institutional investors, International investment professionals as well as International institutional professionals and is not intended for, and should not be relied upon by retail investors. The information contained or referred to in the blog is given for information purposes only and is not intended to constitute financial, legal, tax, investment or other professional advice and should not be relied upon as such. The content of the Argonautica blog is for the confidential use of only those persons to whom it is lawfully transmitted and is not to be reproduced, distributed or used for any other purposes.
Nothing on this site shall be deemed to constitute investment advice.
Residents or citizens of the United States of America are specifically prohibited from investing in these funds and no person may offer investment in these funds to residents or citizens of the United States of America.
Cookies are currently used on the Argonaut website to prevent disclaimer pages from reappearing when you return to the site and by Google Analytics, a web analytics service provided by Google, Inc. to compile anonymous, aggregated statistics that allow us to understand how users use our site.
For more information about our Cookie policy and how to disable cookies on your computer please read our Privacy and Cookie policy before proceeding. By accepting the terms of this disclaimer and entering our website you are agreeing to our Cookie policy.
Please note that this website is governed by the laws of the UK.
Residents or citizens of the United States of America are specifically prohibited from investing in these funds and no person may offer investment in these funds to residents or citizens of the United States of America. The information does not constitute an offer or solicitation of an offer for investment in any jurisdiction outside the United Kingdom.
By entering this site you have agreed that you have read and understood and agreed to be bound by the terms of this Legal page.
General Terms and Disclaimers
The following information applies to every page on this website, whether or not such pages individually contain a disclaimer notice.
Please read the following important information. It explains certain legal and regulatory restrictions which apply to any investment in the products referred to in this website. Nothing contained in this website is intended to constitute financial, investment, legal or other professional advice and should not be treated as a substitute for professional advice.
Argonaut endeavours to ensure that the data and other material in this website is correct and complete, but does not accept liability for any error made or omission from this website. Nothing on this site shall be deemed to constitute investment advice. Applications to invest in any fund referred to within this site must only be made based on the information contained within the relevant documentation, e.g. Key Investor Information Document.
The information contained within this site has been compiled with care to ensure accuracy at the date of publication however the development of Argonaut products and services is continuous and published information may not always be up to date.
Copyright in the pages of this site and all proprietary rights in the information and material therein is and shall remain the property of Argonaut. Reproduction, redistribution and transmission of any information in these pages, in whole or in part, without the prior written consent of Argonaut is strictly prohibited.
Argonaut shall not be liable for any claims or losses of any nature, arising indirectly or directly from use of the data or material on this site.
Money Laundering
We are required by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Proceeds of Crime Act 2002, the Terrorism Act 2000, the Bribery and Corruption Act 2010, the Financial Conduct Authority Senior Management Arrangements Systems & Controls Sourcebook and the Joint Money Laundering Steering Group guidance notes (as amended from time to time) to verify both the applicant and the source of funds (if different). This may involve us carrying out an electronic search of information using credit reference agencies. Completion of an application form represents permission to access this information in accordance with the Data Protection Act 1998 and also the General Data Protection Regulation.
Links to External Sites
Links to other sites from this website are for information only. Should you leave this website via a link contained herein, you do so at your own risk. Argonaut is not responsible for the content on other websites.
Telephone Calls
Both incoming and outgoing calls may be recorded and/or monitored.
Internet communication is not guaranteed to be timely, secure, error or virus free. Argonaut accepts no liability for any harm to systems or data, nor for personal emails. Emails may be recalled, deleted and monitored.
Data Protection
There is a separate page called "Privacy and Cookie Policy" for information on data protection.
This Website is directed at Institutional Investors and is not intended for use by Retail Investors or members of the General Public.
1. Important Information
Please note that this website is governed by the laws of the UK and is not intended to constitute financial, investment, legal or other professional advice and should not be treated as a substitute for professional advice. This website is intended as a summary for Institutional Investors and is not an invitation to subscribe for shares or units.
Argonaut endeavours to ensure that the data and other material in this website is correct and complete and the information contained hereto is published in good faith but no representation or warranty, express or implied, is made as to its accuracy or completeness and it should not be relied on as such.
Argonaut shall have no liability for any error made or omission from this website or for any loss or damage arising out of the use or reliance on the information provided herein including, without limitation, any loss of profit or any other damage, direct or indirect. Argonaut excludes any claims, losses, costs, damages, expenses (including reasonable legal cost and expenses) or liabilities whatsoever, however suffered or incurred. Argonaut shall not bear any losses, costs or expenses incurred as a consequence or result of improper use by any third party or investor of this website.
Subscriptions in any Argonaut fund is only valid if made on the basis of the current Prospectus, the Supplements to the Prospectus (where applicable), the Simplified Prospectus and the most recent financial reports (where available) which are available on request by emailing sales@argonautcapital.co.uk or on our website www.argonautcapital.co.uk
This website does not constitute an offer or solicitation to invest in any fund in any country where such offer or solicitation is unlawful. This website is not directed at you if the laws or regulations of any country prohibit or restrict the material on this website from being made available to you, and it is not intended for any use which would be contrary to local law or regulation. You should only enter this website if you have satisfied yourself that the country in which you are based imposes no prohibitions or restrictions on the distribution of material on this website.
Distribution of any documents and the offering of shares in certain jurisdictions may be restricted by law and accordingly persons into whose possession this document comes are required to inform themselves about and to observe such restrictions.
Residents or citizens of the United States of America are specifically prohibited from investing in Argonaut Funds and no person may offer investment in Argonaut Funds to residents or citizens of the United States of America.
Past performance is not a guide to future performance. Any performance data shown does not take into account the commissions and costs incurred on the issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Potential investors must consult their financial & tax advisers before purchasing or selling shares in the Fund.
This website is issued by Argonaut Capital partners and is authorised and regulated in the United Kingdom by the Financial Conduct Authority.
2. General Terms and Disclaimers
The information contained within this site has been compiled with care to ensure accuracy at the date of publication, however, the development of Argonaut products and services is continuous and published information may not always be up to date.
Copyright in the pages of this site and all proprietary rights in the information and material therein is and shall remain the property of Argonaut. Reproduction, redistribution and transmission of any information in these pages, in whole or in part, without the prior written consent of Argonaut is strictly prohibited.
3. Money Laundering
For institutional investors, the identity of the legal entity which will invest must be established before business can be accepted. If the applicant is a pension scheme, the Pension Scheme Trust Deed and any amendments thereto will require to be produced.
4. Links to External Sites
Links to other sites from this website are for information only. Should you leave this website via a link contained herein, you do so at your own risk. Argonaut is not responsible for the content on other websites.
5. Telephone Calls
Both incoming and outgoing calls may be recorded and/or monitored.
6. Email
Internet communication is not guaranteed to be timely, secure, error or virus free. Argonaut accepts no liability for any harm to systems or data, nor for personal emails. Emails may be recalled, deleted and monitored.
7. Data Protection
There is a separate page called "Privacy and Cookie Policy" for information on data protection.
Company Details
Argonaut Capital Partners LLP is authorised and regulated by the Financial Conduct Authority.
Argonaut Capital Partners LLP [Registered in Scotland SO300614. Registered Office: 115 George Street, Edinburgh, EH2 4JN
By dismissing this popup, you acknowledge that you have read and understood this disclaimer.
Moneyweek Lecture – Barry Norris, Argonaut Capital
Britain has bet everything on wind, mostly offshore wind, to decarbonise the grid by 2035 and reach “Net Zero” by 2050.
VT Argonaut Absolute Return Fund
The aim of the fund is to provide attractive non-correlated returns.
This has two advantages for investors. First, unlike most funds, we are not dependent on the overall market rising to generate returns. Second, the fund blends well with traditional long only or passive funds (which are dependent on the market rising) in order to build a superior risk/return profile.
The fund does not offer a guaranteed positive return.
Through shorting (taking a position with the expectation of the stock falling) as well as traditional long investing (taking a position on the expectation of the stock rising) we aim to provide “double alpha” from our stock-picking.
Alpha is the difference between our returns and those of the market average. On average since launch we have delivered over 8% alpha per annum on the long book and 8% per annum on the short book.
The fund is also currency hedged. Recently UK investors have largely benefitted from the depreciation of Sterling. If this were to reverse our fund returns would not be negatively affected.
The fund has more than doubled investors’ money since launch
Our correlation to the market has been just been on average roughly 0.2. This means that our returns are not dependent on the overall direction of the stock market.
In negative market months the fund has on average delivered a heathy positive return (what we call a negative downside capture). However, we aim to be uncorrelated rather than negatively correlated. This means that it is not guaranteed that when the market goes down the fund goes up.
The daily volatility of the fund has on average been 8-10% compared to the market of 6-40%. This means that the fund should not always be regarded low volatility fund (but it should be regarded as having more consistent volatility than the market).
The volatility of the fund is primarily a function of its gross exposure (ability to use leverage or cash) which can be varied according to market conditions.
We do not believe that low volatility by itself helps investors diversify their returns. Only low correlation does this. Therefore, we see the fund as a complementary to traditional investing in long only funds that will all have a high correlation to the market and each other.
We believe that there are lots of Absolute Return funds targeting very low volatility (and therefore low prospective returns) that do not offer good value for investors considering targeted returns after fees. In other words, their volatility profile is so unambitious that fees are bound to eat up most of their targeted return.
Conversely, traditional active and passive funds are all highly dependent on the overall direction of the market. We do not believe it wise for investors to have all of their investments dependent on positive market outcomes.
We believe that the fund is somewhat unique in offering investors attractive returns through “double alpha” that are uncorrelated to other funds and to the market.
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