Reflections

HDFC is currently one of the largest holdings in our strategies. After a decade in which its book value rose by 22%, the recent reverse merger between HDFC Limited and HDFC Bank has slowed growth and caused some to question both the business model and the investment opportunity.

At Skerryvore, we look beyond short-term financial results to check whether they're underpinned by sound behaviours. Here, we explain how assessing intangible value builds our confidence in a business.

We report on a recent research trip to China, Skerryvore’s first since valuations peaked in 2020. Highlights include observations about the influence of the benchmark and some interesting prospects for our watchlist. ‘The mountains are high and the emperor is far away.’ 1

Just because something is measurable does not mean it is important – this Hindustan Unilever case study illustrates our approach.

All models are wrong – but some are useful. We always look to understand the why, not just the what.

Skerryvore acquires BennBridge Ltd

We consider Skerryvore’s approach to disruptive technology and why we’re finding opportunities created by the evolution of the automotive sector.

Key insights from our wide-ranging research effort over the year - far-sighted and fair-minded investing in emerging markets.

In his interesting 2022 book Chip War ¹, economic historian Chris Miller notes that Taiwan provides 37% of the world’s new computing power each year and that two Korean companies produce 44% of memory chips.