Concentrated and yet Diversified

Disclaimer: The information and opinion expressed here are solely the opinion of Tellsons Investors LLP and should not be construed as advice nor form the basis of any investment decision.


Bonds are contractual agreements by companies to borrow money from investors, pay interest on that money and return it at a specified date in the future. Because of these contractual obligations a company must honour them before any returns are made for equity investors. This is called ‘seniority’ and in some cases the senior obligations can also be secured or guaranteed by specific assets. These are some of the most important characteristics of ‘safety’ that can be found in bond investments.

Equities therefore rank ‘junior’ to bonds and are in this way considered riskier. For returns to be available to equity investors the company must be able to meet all its higher ranking obligations. When it does this efficiently, equity investors earn all the upside.

In this way we can make ‘safer’ bond investments in more aggressive companies or sectors and ‘riskier’ equity investments in more defensive companies or sectors…. and many other such combinations at different points in the business cycle.

Endeavour’s combination of bonds and equity investments enables us to make concentrated and high conviction investments in each of the bond and equity parts of the portfolio whilst maintaining broad diversification across the whole.

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