Investment Strategy

Our investment philosophy is characterised by our often unabashedly contrarian views and a focus on deeply undervalued assets with unrecognised potential for above average capital growth and/or sustainable high yields.

We aim to achieve superior risk-adjusted long-term returns by identifying investment opportunities with highly favourable risk/reward profiles well ahead of the mainstream. Our emerging markets and global macro strategies are concentrated on a number of well thought-out investment themes, focusing on fundamental market imbalances that are about to correct.

Our investment approach is based on a sound analysis of macroeconomic fundamentals and geopolitical developments. In addition, sentiment indicators and market psychology play a vital role in our assessment. We carefully observe broad economic and geopolitical trends and then apply our strategic vision with a detailed analysis of individual companies and their prospects, combining macro and bottom-up approaches and leveraging the technical expertise of our management team and senior advisers.

In our view, the precious metals mining sector currently represents an asset class with an extraordinarily asymmetric risk-reward profile.

The Chancery Gold & Silver Mining Fund invests in undervalued gold mining companies, offering a tangible alternative to mainstream investments.

Learn More About Our Strategy In:

Emerging Markets

Precious Metals & Natural Resources

Track Record

Examples of our major investment themes and contrarian calls include the following:

• Thomas Puppendahl was a pioneer investor in South American and Eastern European emerging markets sovereign debt in the early 1990s, particularly in Brazil and Russia.
• He co-founded an emerging markets debt investment vehicle in 1992, generating annual returns of more than 12% on average over a period of 18 years.
• Predicted the implosion of the internet bubble in 2000.
• He remained strongly bullish on Brazil’s sovereign bonds during the panic before the 2002 presidential election, based on his conviction that Brazil would not default. The bonds subsequently rose from less than 40% to over 100% within less than 12 months.
• Forecasted $1000 gold & $20 silver as early as in 2003, when gold was trading below $400 and silver below $5.50: targets reached in March 2008 with gold up >150% and silver up >260%.
• He invested aggressively in Argentina’s bond restructuring in 2004/05, before the market realised the value embedded in the country’s GDP warrants: made >250% in first two years, total gain to date >525%.
• He predicted the imminent implosion of the US housing debt bubble in July 2007, a month before the start of the subprime mortgage crisis.
• Accurately forecasted the explosive 180% move in the price of silver from $17.50/oz in Aug 2010 to $50/oz in April 2011, as well as the subsequent sharp correction.
• Mr Puppendahl is on record with his $5000+ gold price forecast.