CONTRARIAN INVESTMENTS

At Contrarian Investments we don't believe that markets are efficient, that capital is deployed sensibly, that mainstream popular investments consistently offer a positive risk/reward asymmetry.

​

We believe that sectors are often unloved for no good reason, that consensus views often become backward-facing, that the wider investment community (including the algos) have recency bias, that there are investments out there that offer large rewards for limited risk. In order to be successful, thorough research needs to be undertaken, the best propositions chosen, and capital deployed sensibly, opportunistically and most important of all patiently. 

 

Our investment thesis' are built on strong fundamentals, on sectors that have been starved of capital yet are hugely capital intensive, leading to highly cyclical markets and have time horizons of 3-5 years for the full fruition of
our investments. 

​

We believe that this is what creates alpha in a world that is otherwise becoming driven by algorithms and indexes. We take an active human approach, bottom-up research using time-honoured methodologies to find the best investment opportunities of today. We are excited by what we're seeing, 2020 through to now has been a period not to forget, with plenty of opportunities presented to the conscious investor. We have been active in the Uranium, Precious Metals, Tin, Coal and Nickel mining sectors, Shipping, Oil and Gas, and more recently in pockets of the main markets. We continue to explore for value opportunities across the market, and are currently exploring options in all areas of the market, with a focus on FCF and returns via dividends. We regularly share our thoughts and welcome hearing from investors in our space.

​

Since the start of active management of our portfolio on 1 January 2020, our portfolio's cumulative performance through to end of 2023 is 936%, or 79% annualized.  

 

2023 was a harder year for outsized gains, with many flooding back into tech, but we have still managed to achieve a 30.0% return compared to a gain of 24% in the S&P500, or 6% in the S&P493. 

​

The reader may feel that these returns have come at the expense of prudent risk management, however our various ratios over this four year period suggest otherwise : 

Max Drawdown 13.6%
Sharpe 1.35

Sortino 2.32 

Calmar 5.84

​

We believe we are just getting started, and the market is continuing to offer exceptional opportunities to those with the time to seek them and the patience to allow them to come to fruition. We are excited by an interesting looking 2024 and are eager to see what it holds. 

​

Ben Fillmore

Founder - Contrarian Investments