In our May investment commentary, we highlight the drivers behind the significant pick-up in merger and acquisition activity over the last eighteen months. As value investors, we invest in companies that are worth more than where they are trading because of a basic conviction; either the market will realise their value, or if it does not, someone else will. An example of this is Syngenta, one of our core long term holdings, which last month was subject to a takeover bid from Monsanto.