PIWORLD interview with Andrew Hollingworth: Markets & Holdings July 2021

Andrew Hollingworth, Founder & Portfolio Manager Holland Advisors, discusses his views on inflation, Covid-19 and the return to normality. When assessing stocks under the pressure of CV19 his core focus was their cash burn. Andrew picks stocks globally, both US and French listed stocks are in his concentrated portfolio of 27 holdings, he pulls them together for their similarities, including: owner managed businesses; secular companies priced to fade; depressed compounders set to recover, and those who pass on their economies of scale to the customer. Full of company examples and referrals to Buffett's and Munger's thinking.

01:05 VT Holland Advisors Equity Fund performance ytd
01:58 Andrew’s view on inflation and how to position as an investor
05:50 Covid-19 and how it plays out from here
09:28 Young & Co (YNGA; YNGN) and JD Wetherspoon (JDW)
12:26 Portfolio changes over the last 6 months Beijing Capital International Airport (HKG:0694); Mandarin Oriental (SGX:M04); EasyJet (EZJ) v Jet2 (JET2); Facebook (NASDAQ:FB)
16:07 International holdings and bandwidth required to hold companies from all geographic markets
17:12 Facebook (NASDQ: FB) and BooHoo (BOO)
17:29 Depressed compounders: VP (VP.), Jet2 (JET2), Brembo SpA (BIT:BRE)
17:53 Owner managers: Ballore SE (EPA:BOL), Biglarie Holdings Inc (NYSE: BH), VP (VP.), Frasers (FRAS), Jet2 (JET2)
21:18 How do you screen?
23:19 BooHoo (BOO)
30:02 Biglari Holdings (NYSE: BH)
36:10 Which international markets do you perceive are under valued? Do you think we’ll continue to see bid activity?
38:22 About Andrew and the fund

About Andrew Hollingworth:
ndrew set up Holland Advisors in 2009 after a 20 year career in stock broking and fund management. His career in the investment industry began in 1988 at the age of 18 first at Henderson Investors followed by a few years at the British Gas Pension Fund, both in buy side analyst positions.

After taking a year off to travel in 1994 he joined Smith New Court which was later taken over by Merrill Lynch. There Andrew was an equity analyst and salesman specialising in the transport and telecoms sectors, latterly taking a wider research and sales role covering the whole stock market. He joined Redburn Partners as a Partner in 2004 where he worked up until setting up Holland Advisors in 2009. He has had a passion for value and franchise investing for many years and the Farnam Street Capital Fund, designed to encapsulate this passion, was established in 2011.

When he is not in the office, Andrew can be found reading anything written by great investors or business managers, swinging a golf club or trying to keep up with his wife and teenage boys on a ski slope.

https://www.hollandadvisors.co.uk

Previous interviews with Andrew:
Reflections on 2020: https://www.piworld.co.uk/education-v...

Investing principles of Andrew Hollingworth - Part 1: https://www.piworld.co.uk/education-v...

Investing principles of Andrew Hollingworth - Part 2: https://www.piworld.co.uk/education-v...