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Expert Investor: Why community banks can drive returns from the US recovery

16 August 2021

Richard de Lisle looks at the investment case for US community banks

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Independence Day – US holiday stock picks  

1 July 2021

With the US approaching Independence Day weekend, Richard de Lisle picks four US small cap stocks from the VT De Lisle America Fund portfolio, which are currently cheaper than the market and set to benefit from the 4th July holidays.

OneWater Marine 

I am looking out over Poole Harbour at the beautiful Sunseeker boats made locally here. In the US, OneWater has sole distributorship of this brand and many more. Marinas have come back to life in lockdown and now re-opening, but OneWater is still trading at just six times its earnings this year. It is a consolidator, with sales over a billion and rising fast and it still only has a market cap of $620 million.

Johnson Outdoors 

This is the summer holiday stock, making fishing gear, tents, canoes, diving gear, paddle boards and more. Even though we’ve owned it since $9 in 2011 (now valued at $122), we bought some more today because it’s still cheap. The outdoors was very popular last year, with social distancing, but a lot of people have picked up some serious habits and the trends continue. On just 2/3 the price earnings ratio of the market, this company has grown earnings for ever but has pulled back from $154 in case it was all a one off. It’s not.

Cedar Fun 

This is family funfairs. Not the white-knuckle stuff, more the roundabouts and shows and is more for Americans than the tourists. A big July 4th is in prospect here because they’re all open again, at last! As we look for experiences and the nostalgia of halcyon days as we go forward, we expect Cedar Fun to reach attendance records. Well below past glories at $70 (currently valued at $45) and with debt incurred during closed periods manageable, it remains a big recovery play poised to show its new earnings power.

Build-A-Bear

Sixteen years of pain extinguished in one quarter, as the bears just had earnings with record margins, when Wall Street expected a record loss. All the happy times are flooding back as people again remember this strong brand. I just sent my son to the Southampton branch and he reported a 15-minute queue to enter, 30 customers inside with unanimity of childish passion. The bears are walking out the door yet 40% of their business is now from non-children who tend to buy online which is growing prodigiously. Maybe we all need comfort now, but if they keep this earnings turnaround going they’ll be one of the cheapest retailers on the High Street.

Investment Week: Go west for historic returns: Favourable fiscal policies see US hit all-time highs

10 June 2021

Richard de Lisle looks at the case for US small-cap value.

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FTAdviser: Should we be worried about inflation?

24 May 2021

Richard de Lisle featured in FTAdviser, commenting on different types of inflation.

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Morningstar: Has the US Market Peaked?

24 May 2021

Richard de Lisle commenting in Morningstar on whether the US market has reached peaked recovery.

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PORTFOLIO ADVISER: CORONAVIRUS WEEKLY ROUND-UP

21 May 2021

Richard de Lisle, manager of the VT De Lisle America Fund comments on the US market this week in Portfolio Adviser’s weekly round-up.

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What Investment: Biden’s first 100 days bode well for the market

26 April 2021

Biden’s first 100 days have consequences already for the stockmarket. Richard de Lisle of the VT De Lisle America Fund reflects on the early stages of the new President’s tenure.

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Portfolio Adviser: Coronavirus weekly round-up

16 April 2021

Richard de Lisle comments on markets over the past week in Portfolio Adviser’s weekly round-up.

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The North America managers who have outperformed Warren Buffett

4 January 2017

Over the past year, one fund has stuck out: the VT De Lisle America fund. The £29.9m fund was the only fund in the Investment Association universe to outperform Berkshire Hathaway over 12 months.

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10 high-flying funds you’ve probably never heard of

16 November 2016

The £24 million VT de Lisle America fund has delivered an astonishing 160% over the past five years, yet as its size shows, has largely gone under the radar. Managed by Richard de Lisle, the fund has a focus on smaller US companies, and has enjoyed a strong boost in recent days after Donald Trump’s shock victory in the US presidential election.

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