Hosking Partners Letters & Research Archive

Hosking Partners is a London boutique founded in 2013 by Jeremy Hosking, a portfolio manager at Marathon Asset Management for over 25 years. It runs a single global equity strategy built on the capital-cycle, supply-side approach — contrarian, long-term, and unusually diversified (350+ holdings) under a multi-counsellor model, managing around $5.5bn.

37 pieces · 2022–2026 · updated every Monday

2026

07-20Q2 2026 - Quarterly Report CommentaryThe market is experiencing one of the biggest momentum rallies in history, with 85% of gains coming from AI-related stocks. Four stocks alone (Nvidia, Micron, Broadcom, Sandisk) are expected to contri…→07-16Fit for PurposeWhen choosing a fund, don't just look at the star manager. Research shows that a fund's internal structure—like whether decisions are made by a team of independent managers or a single person—explains…→07-09Value Investing with Legends PodcastThis deep-dive analyzed a legal disclaimer from Hosking Partners LLP—just regulatory registrations and standard risk warnings. It contains no investment insights, market analysis, or actionable ideas.…→07-02'Normal' Service ResumesThis report argues that today's market volatility and rising bankruptcies aren't signs of trouble—they show the market is returning to normal after a decade of unusually low interest rates and low vol…→06-03Paint by numbersThis report explains why several companies in our portfolio have been targeted for cheap buyouts by industry rivals. It's not because the market is overheated, but because investors are distracted by…→05-26Ed Conway on ‘The Material World’ – Spring Drinks 2026This report explains that Hosking Partners, an asset manager, is legally registered in the UK, US, South Africa, and Australia, but only serves professional clients (like wealthy institutions or indiv…→05-20SynconaThis analysis explains why Syncona, a biotech investment company, is a good bet right now. Unlike normal funds that must return money after 10 years, Syncona has permanent capital from the Wellcome Tr…→05-19Q1 2026 - ESG and Active Ownership ReportThis report argues that investors shouldn't automatically rule out companies in 'dirty' industries like mining. It highlights Altius Minerals, a Canadian royalty company that doesn't operate mines but…→05-06Business Breakdowns Podcast - Altius MineralsThis report is a legal notice from Hosking Partners, explaining they only serve professional investors (like institutions or wealthy individuals) in the UK, US, and South Africa. For regular investors…→04-23Asian Investing Summit - MOI GlobalThis is a legal notice from Hosking Partners, an investment firm. It explains which countries they operate in and who they can serve: for example, only professional clients in the UK, accredited inves…→04-16First Impressions: Q&A with Michael GodfreyThis interview shows how new manager Michael Godfrey uses a 'capital cycle' approach—tracking where money flows and how industries change—to find undervalued stocks. For regular investors, it means: d…→04-01TCFD Report: Product-LevelThis report from Hosking Partners shares their fund’s 2025 carbon data. They avoid complex climate models like CVaR (a risk measure) and temperature-alignment (predicting warming), preferring to analy…→04-01TCFD Report: Entity-LevelThis report explains how a long-term investment firm handles climate change. Instead of setting quick emission targets, they treat climate risk as a complex, long-term issue that investment managers j…→03-31Q1 2026 - Quarterly Report CommentaryThis report explains how Hosking Partners performed in early 2026 by focusing on industries where companies have cut back on spending and consolidated. For example, the memory chip industry went from…→03-27Money of MineThis is a legal notice from Hosking Partners, an investment firm. It says they only work with professional clients (like institutions or wealthy individuals), not regular retail investors. It also war…→03-17Babcock International - March 2026This report is about Babcock International, a UK defense engineering firm that maintains nuclear submarines and naval bases. Despite rising defense spending after the Ukraine war, its stock was underv…→03-06The saga of Saga PlcThis report explains how to find stocks that could rise 10x. The author's simple method: look for stocks with a future P/E (price vs. expected profit) near 1x—meaning the market is practically giving…→03-03Star Mica: Finding value in occupied assetsThis article explains how Star Mica, a Japanese company, profits by buying apartments with tenants (which are 15-20% cheaper than empty ones due to strong tenant protection laws), collecting rent, the…→02-26In the Company of MavericksThis report is actually a legal disclaimer, not investment advice. It says the material is only for qualified professional investors in places like the UK, US, and Australia. There are no stock picks…→02-26Q4 2025 - ESG and Active Ownership ReportThis report argues that ESG ratings (scores for a company's environmental, social, and governance practices) are often unreliable because different agencies can give the same company wildly different…→01-28A Tale of Two Neighbours: The Tiger and the LionThis report compares two neighboring stock markets: India's is expensive (24 times earnings) while Sri Lanka's is cheap (10 times). The author warns that India may be overvalued and risky, while Sri L…→01-19Q4 2025 - Quarterly Report CommentaryThis report explains how Hosking Partners beat the market in 2025 by using a 'capital cycle' strategy—buying unloved companies with improving fundamentals and avoiding overhyped stocks. They earned 33…→

2025

12-01The investment case for diversificationThis report argues against the popular idea that you need to concentrate your bets on a few stocks to make money. Instead, it claims diversification—spreading investments across many stocks—is the bet…→11-18Q3 2025 - ESG and Active Ownership ReportThis report shows how Hosking Partners, an investment firm, makes money by actively talking to company management. For example, they owned shares in Shelf Drilling, an offshore oil rig company. When a…→10-16Q3 2025 - Quarterly Report CommentaryThis report says global stock markets are shifting: US stocks, especially tech, are at record-high valuations (like price-to-earnings ratios), and AI spending may not pay off. Meanwhile, Japan, UK, an…→10-03PGM updateThis report is about platinum group metals (PGMs), rare metals used in car exhaust systems and jewelry. The author argues that despite big price gains this year, the real super-cycle is just beginning…→09-19African Allocator PodcastThis report is a legal notice from Hosking Partners, an investment firm. It explains that they only work with professional clients, like institutions or wealthy individuals, not regular retail investo…→09-03Q2 2025 - ESG and Active Ownership ReportThis report looks at Toyota Motor's lowball buyout of Toyota Industries (TICO). Toyota offered 16,300 yen per share, but TICO's Toyota shares alone are worth 3.2 trillion yen, plus it has profitable f…→08-15UK Stewardship CodeThis report explains how Hosking Partners manages money. Instead of chasing popular stocks, they invest in unloved, low-profit companies where industries are consolidating, expecting a turnaround. The…→06-30Meeting the challenges of a changing worldThis report highlights investment opportunities in Japan's stock market, but warns about a common trap: controlling shareholders may use low stock prices to buy out minority investors at unfair prices…→06-30Q2 2025 - Quarterly Report CommentaryThis report explains how Hosking Partners navigated the tariff shock in Q2 2025 by investing in cheap, non-U.S. stocks (like Korean banks, Japanese tools, and platinum miners). They beat the market by…→06-25The AI Paradox: Capital QuestionsThis report highlights a paradox in AI: tools like ChatGPT have millions of users but few profitable companies, while firms pour billions into data centers. OpenAI is valued at $500 billion but may bu…→06-17Sri Lanka: You Will Come Back for MoreThis report argues that severe economic crises in emerging markets, like Sri Lanka's 2022 debt default, can create great investment opportunities. After the crisis, some companies were valued far belo…→05-28The Capital Cycle WayThis report explains how to make investment predictions for 10+ years. The key method is called the 'capital cycle'—focus on supply, not demand. For example, when an industry goes from 100+ companies…→05-26MetamorphosisThis report says European chemical stocks are deeply out of favor—profits are at 15-year lows and many investors think the industry is doomed. But the author disagrees: several companies trade below t…→05-20Q1 2025 - ESG and Active Ownership ReportThis report argues that European chemical stocks are extremely cheap, with market values below the cost of rebuilding their factories. The industry hit a low due to an energy crisis and inventory glut…→

2022

11-30Super cycle or capital cycle?This report looks at the three big memory-chip makers (Samsung, SK Hynix, Micron), whose stocks have surged 5–8x in the past year to over $1 trillion each. The author argues that while AI is boosting…→