Marylebone Partners LLP

Our recent visit to China brought a fresh perspective on the breadth of opportunities and challenges shaping its equity market. While macroeconomic factors like tariffs and US-China relations dominate headlines and will no-doubt shape a sustainable recovery, the bottom-up trends we observed where just as compelling. Here are some of the standout themes from our trip: The extent of innovation and speed of execution in China China's shift from low-cost to value-added manufacturing is exemplified by Xiaomi’s, leading EV manufacturer whose factory we visited in Beijing. Within just three years, Xiaomi not only designed and built its own EV factory but also began mass production of the Xiaomi SU7—comparable in performance to high-end models like the Porsche Taycan, but priced at just £24,000. ‘Made in China 2025’ initiative has propelled the country into a global leader in key technology sectors, with Chinese firms now dominating 57 of the world’s 64 most critical technologies. Companies like Unitree Robotics and MiniMax are now pushing the boundaries of what’s possible in humanoid robotics and AI, competing globally on cutting-edge technology. Industry Consolidation The LCD panel sector offered a striking example of industry consolidation. China’s BOE Technology has emerged as a dominant force, controlling 70% of global market share. The current industry consolidation will lead to stronger players with better margins and free cash flow, positioning them for long-term growth. Stock Market Reforms and Shareholder Focus The China Securities Regulatory Commission (CSRC) is instituting reforms designed to bolster investor confidence and improve equity market performance. These include encouraging companies to buy back shares, increase payout ratios, and embrace M&A to consolidate industries. The ‘market value management’ initiative signals a proactive effort to support share prices and boost investor engagement, with a focus on increasing transparency and fairness. As always, speaking to managers on the ground has been invaluable in shaping our view and further confirms that China’s equity market is ripe with potential—albeit with caution required in the short term. #ChinaEquities #MarketReforms This does not constitute investment advice or recommendation.

It was great to present at the AJ Bell Shares Spotlight Event, where Marylebone Partners LLP Chief Investment Officer and manager of Majedie Investments Dan Higgins outlined Majedie’s strategy. Dan spoke alongside Gordon Stein from CleanTech Lithium (AIM: CTL), Rebecca Maclean, CFA from Dunedin Income Growth Investment Trust PLC, and Neal Wilson from EJF Investments Ltd. Thanks to AJ Bell for organising an interesting and insightful evening. Follow Majedie Investments for more insights. #InvestmentStrategy #Investing #AJBell

Our latest Quarterly Portfolio Manager Commentary is now live - in this edition, we reflect on how our allocations have contributed to our investment strategy over the last quarter and share our outlook for 2025. 2024 was a year dominated by the outperformance of a few mega-cap stocks, creating a distorted picture of the broader equity market. With US equities now appearing less attractive at an index level, we believe that our portfolio of compelling bottom-up opportunities leaves us well placed to take advantage of more appealing risk-adjusted opportunities in overlooked mid caps and international markets into 2025 and beyond. We also discuss our “Five Surprises for 2025”—five key areas where we believe outcomes are significantly more likely than the market anticipates. Each is reflected in the portfolio, with compelling examples to illustrate our approach. Read the full analysis here: https://lnkd.in/ehbYEFNV #MajedieInvestments #QuarterlyUpdate #2025Outlook This does not constitute investment advice.

Thanks to the The Association of Investment Companies (AIC) for inviting our Chair, Christopher Getley, to speak on the 'Evaluating Strategic Options' panel at its recent Annual Conference. He discussed the strategic decision to appoint investment manager Marylebone Partners LLP to achieve its investment objectives of delivering long-term capital growth and paying a regular dividend. He outlined how the Majedie's liquid endowment approach had led to positive results, reduced the discount and instigated significant change to the shareholder register since Dan Higgins and his team started to manage the Trust in early 2023.    It was a privilege for Majedie to be part of an important event where the investment trust community was able to come together in what has been a period of concern over renewed investor activism and uncertainty around cost disclosures.    This does not constitute financial or investment recommendations or investment advice. 

China's Metals Market: Copper Our recent visit to China offered valuable insights into the country’s influence on copper investments and its broader role in global commodity markets. While the slowdown in the property market might suggest weaker commodity prices, copper has remained resilient, supported by: ✅ Renewable energy expansion – China’s leadership in solar and wind energy requires substantial copper usage, particularly for grid infrastructure connecting Western generation sites to Eastern population hubs. ✅ Home appliance growth – As the world’s largest manufacturer of air conditioners and refrigerators, China is seeing robust domestic and international demand. Looking ahead, while near-term stimulus for base metal-intensive sectors has been limited, we remain confident in copper’s structural supply-demand dynamics, underpinned by China's renewable energy ambitions and infrastructure investments. #Copper #RenewableEnergy #Commodities This does not constitute investment advice or recommendation.  Image credit: Flickr | Flavio~

Thanks to Malcolm ( aka Max) King for the excellent overview on Majedie Investments in MoneyWeek.   Max highlights the “liquid endowment approach” taken by our investment manager Marylebone Partners LLP which provides investors with exposure to eclectic special investments, allocations to specialist funds managed by third parties and a focused portfolio of listed equities that they couldn’t get elsewhere.    He quotes: “The success so far is shown by net asset value (NAV) growth of 18% from 1 March 2023 to the end of 2024. The discount to net asset value – once more than 30% - has fallen to less than 5%, giving investors a return of 30%.”   “[Dan] Higgins sees the potential to grow the fund to at least £500m through performance and equity issuance once the shares are trading at a premium. They are not there yet – the discount to January’s NAV is now 3.5% - but performance on the back of a highly differentiated approach suggests they soon will be.” Read Max's full article here: https://lnkd.in/eKh_VZzH   #MajedieInvestments #MarylebonePartners #InvestmentTrusts #InvestmentCompanies #MoneyWeek    This does not constitute investment advice.

Kepler Trust Intelligence’s latest research note underscores how Majedie’s performance is currently on track to meet its five-year rolling target.   Kepler’s view: “one of the main attractions of MAJE is that it provides access to a strategy typically reserved for institutional investors. To our knowledge, this is a relatively unique approach in the investment trust or open-ended space. Whilst more complex than a simple direct equity strategy, MAJE is managed by a team with extensive experience, resources, and an established industry network—an intangible asset that’s difficult to replicate”   Follow for more information on Majedie Investments PLC.   #MAJE #InvestmentTrust #KeplerTrust #InvestmentStrategy   Disclosure: Non-independent marketing information. This does not constitute investment advice. 

The Armchair Trader has featured Majedie Investments in an article about investment trusts with significant family shareholdings. William Barlow, non-independent Non-Executive Director and representative of the Barlow family, shares how Majedie has supported the stewardship of long-term capital, preserving and growing wealth for all Majedie’s shareholders across generations.   Read the full piece here: https://lnkd.in/e7GHeres   Thanks also to The Association of Investment Companies (AIC) for giving Majedie the opportunity to discuss this.    #InvestmentTrusts #CapitalManagement #AIC #Majedie     This does not constitute investment advice.

China at an Economic Turning Point Our recent visit to mainland China revealed a nation at a pivotal juncture.  Coordinated messaging from key institutions – the Politburo, PBoC, China Securities Regulatory Commission, and National Financial Regulatory Administration – signals a decisive policy shift and a clear focus on:                                              ✅ Boosting capital markets ✅ Stabilising the property sector ✅ Rejuvenating domestic consumption While Beijing’s initial stimulus measures underwhelmed, we view China’s approach as a commitment to continuing, incremental stimulus targeting local government debt, real estate, and consumer confidence. The government appears determined to stay the course, even if progress is gradual. Key indicators we’re watching include retail sales, income growth, and property market stabilisation. While China has the tools to drive recovery, the timing remains uncertain and market reactions may hinge on the pace of change. We believe this approach marks a new chapter for China’s economic trajectory. The key question is now if and how these measures will translate into a sustained recovery for the Chinese market. Despite significant value on offer, we are cautious, waiting for signs of a sustainable economic recovery, particularly in consumer confidence, retail sales, and property market stabilisation. #ChinaEconomy #EmergingMarkets This does not constitute investment advice or recommendation.

Today, we hosted our Annual General Meeting at The City of London Club, marking another successful year of strong performance and celebrating two years of management by Marylebone Partners LLP.   Thank you to our shareholders who attended.   #MajedieInvestments #AGM