After a successful career in investing in the UK, Alyx along with his business partner Ed set out on their own and set up their dedicated UK Long/Short Fund, Kernow AM (Kernow is Cornish for Cornwall) in 2019. Since then they have delivered for their clients and gained a deep understanding of the UK markets.

This is the second part of a two part conversation (Part 1 can be here, YouTube or Spotify).

The running order is below, enjoy!

0:00 - 2:00 | Why is Tech not Bigger in UK Markets?
2:00 - 4:20 | How much research goes into your shorts and how long do you hold for?
4:20 - 9:40 | Why is the Shareholder Register important to you?
9:40 - 12:20 | Brookfield and Secure Trust Bank
12:20 - 15:00 | UK Housebuilders
15:00 - 17:10 | Metro Bank
17:10 - 21:38 | The Perception of Shorting
21:38 - end | Monzo Bank & Outro

I hope you enjoy this second session in our two part conversation.

You might also be interested in: a BREAKINGWATERS Books discussion on the 30th of April of our April Book, Boom and Bust where we will be discussing financial bubbles with FT Business Book of the Year winners Professors John Turner and William Quinn.

Register here: https://docs.google.com/forms/d/1JU11WzwUZ_k7hE5wU49aaWptdtjVuvGQjUxwzZeQ6SI/edit

To hear about future sessions, please subscribe at www.breakingwaters.com

If you have any queries or comments, please do not hesitate to reach out bryan@breakingwaters.com.

After a successful career in investing in the UK, Alyx along with his business partner Ed set out on their own and set up their dedicated UK Long/Short Fund, Kernow AM (Kernow is Cornish for Cornwall) in 2019. Since then they have delivered for their clients and gained a deep understanding of the UK markets.

This is the first part of a two part conversation.

The running order is below, enjoy!

0:00 - 6:40 | Who are you and how did you get here?
6:40 - 9:36 | What has been your approach to Kernow?
9:36 - 11:15 | How has Performance Been?
11:15 - 16:25 | Is Sentiment on the UK Turning?
16:25 - 19:41 | Anecdotal vs Analytical Evidence
19:41 - 22:30 | How Many Multi-baggers are out there?
22:30 - 24:42 | What are your top ideas?
24:42 - 26:30 | Is the current Energy shock temporary or structural?
26:30 - 28:30 | How Much does the US affect your process?

I hope you enjoy this first session in our two part conversation.

You might also be interested in: a BREAKINGWATERS Books discussion on the 30th of April of our April Book, Boom and Bust where we will be discussing financial bubbles with FT Business Book of the Year winners Professors John Turner and William Quinn.

Register here: https://docs.google.com/forms/d/1JU11WzwUZ_k7hE5wU49aaWptdtjVuvGQjUxwzZeQ6SI/edit

To hear about future sessions, please subscribe at www.breakingwaters.com

If you have any queries or comments, please do not hesitate to reach out bryan@breakingwaters.com.

That’s how long it took before 2 out of 3 of BREAKINGWATERS EiC guest, Mikhail Zverev’s “next big things” got serious validation. n.b. this is rare

During our recent EiC session - “What’s the Next Big Thing?” Mikhail laid out 3 distinct areas he sees as real, happening and technologically inevitable.

Part 1 here (YouTube and Spotify) | Part 2 here (YouTube and Spotify)

Two weeks later, per How the Week Broke | North America, the top 3 performers consisted of two photonics companies and a semi-conductor memory company, up c.24%* on average on the back of notably high demand.

(Excuse the handwriting…stlyus on phone)

If you didn’t get to see the session with Mikhail then check it out now - linked above - and, if you want to receive details of future BREAKINGWATERS sessions - the next one is Friday, April 17th - direct to your inbox then subscribe at www.breakingwaters.com.

Note: the information contained in this post and related materials is for educational and information purposes only and should not be considered investment advice.

*Past performance is not an indicator of future performance.

Friday 17th April 3pm - 3:45pm (UK time)

CLICK HERE TO REGISTER

All in…. on the UK?

Grab a coffee, a tea, a treat or whatever your fancy is and join us for a conversation with Alyx Wood, CIO of Kernow Asset Management!

Alyx co-founded Kernow (Cornish for the Celtic nation of Cornwall) just over 6 years ago with a distinctly contrarian conviction - the UK, long and short.

Long out of favour with investors, this lack of attention has made the UK overlooked and underestimated according to Wood. He firmly believes it is a rich hunting ground for equity investment opportunities on both sides of the dial. In keeping with their contrarian nature too, Kernow was not founded in the city, but right out on the edge of Cornwall. Contrarian thinkers need to avoid consensus conversations.

They have had a particularly strong year and were awarded Best Performing UK Equity Long/Short Fund at The Hedge Fund Journal Performance Awards 2025. It is sure to be an exciting conversation.

Invite details sent on registration.

CLICK HERE TO REGISTER

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance.

The next session will be available to register for shortly.

To hear about future sessions, please subscribe at www.breakingwaters.com

If you have any queries or comments, please do not hesitate to reach out.

Note: This video is for educational and informational purposes only and does not constitute investment advice in any way.

Also available on Youtube and Spotify

Thank you to everyone who joined the second session of the @BREAKINGWATERS Expert-in-Conversation series where we spoke to Mikhail Zverev, PM Amati Global Innovation Fund. Mikhail previously led the global equities functions of both Standard Life Investments and Aviva Investors and the Amati Global Innovation Fund is a culmination of his and his partner, Graeme Bencke's impressive careers.

The running order is below, enjoy!

0:00 - 2:50 | Intro and Speaker Background
2:50 - 5:00 | How Does a Boutique Compare
5:00 - 7:50 | What do you Mean by Innovation?
7:50 - 9:05 | We Invest in Businesses, not Science Projects
9:05 - 18:00 | What Sectors do you Look at?
18:00 - 20:22 | Is photonics innovation?
20:22 - 25:18 | What's do you see as Next?
25:18 - 30:20 | Lifesciences not fully reflecting AI

I hope you enjoy the session, part 2 will be available on the 24th of March, 2026.

To hear about future sessions, please subscribe at www.breakingwaters.com

If you have any queries or comments, please do not hesitate to reach out.

Bryan

Less than 24 hours to go ahead of our Expert-in-Conversation learning lunch!

1pm tomorrow we chat to Mikhail Zverev of Amati Global Investors on what the next big thing might be?

His innovation fund, only 3 years old but gaining traction, explores a range of revolutionary tech products and services across areas such as digitisation, photonics, AI machine vision, Defence, Space and Radio pharma that are already viable businesses but are still early in their life cycle. We've already had questions in from those who've signed up, so it's sure to be a lively conversation.

Bring your lunch, listen in, and get your investment insights!

Register here: https://docs.google.com/forms/d/e/1FAIpQLScESJ3HY_x1F-qKTXEburVjXWXcDfS5GijEqJG47npBZEXToA/viewform

Thank you to everyone who joined the inaugural Expert-in-Conversation session with William De Gale, Lead PM of the BlueBox Global Technology Fund and Author of The Successful Technology Investor. It was a fantastic session, and we benefited greatly from his near 30 years experience of investing in public technology companies.

We covered a lot of ground, from his insights on “direct connection” to his feelings on the “vibe” of today compared to the internet era up to how he thinks about technology company valuations.

The running order is below, enjoy!

0:00 - 5:16 | Intro and Speaker Background

5:16 - 6:26 | How do you think about Tech investing?

6:26 - 11:35 | Direct Connection

11:35 - 13:07 | How do you define a Technology Company?

13:07 - 14:45 | Is the vibe today similar to the early internet period?

14:45 - 15:45 | Direct Connection is progressing

15:45 - 18:40 | Is it different now with AI build-out constrained vs demand?

18:40 - 21:55 | How are you playing it?

21:55 - 25:40 | What is your emphasis on valuation?

25:40 - 27:25 | An oasis in the desert

27:25 - 28:50 | Prefer dull businesses

28:50 - 32:20 | Avoid companies everyone likes, except when everyone says it’s the wrong time to own them

32:20 - 35:50 | Is software doomed?

35:50 - 39:50 | What dynamics do you use to choose when to enter tech subsectors?

39:50 - 41:10 | How do you see the Asset Manager of the Future?

41:10 - 43:20 | Which metrics distinguish software businesses that can absorb AI?

43:20 - 44:00 | Outro

I hope you enjoy the session.

To hear about future sessions, please subscribe to . If you have any queries or comments, please do not hesitate to contact me.