Author Archive

This morning starts with the superb Margaux property, Château Malescot Exupéry, which we are delighted to have picked up this superb and highly recommend wine @ £370.00 IB per case.

James Suckling awards an astonishing 97-98 and believes that this may be “better than the legendary 2009” which sells for £640.00 IB per case.

Neal Martin awards an impressive 93-95 and describes Malescot:

The 2015 Malescot-St-Exupery has an intriguing and complex bouquet with oyster shells and seaweed infusing the intense black fruit. It is certainly well defined with nicely integrated new oak. The palate is medium-bodied with crisp tannin, a keen thread of acidity, very pure and smooth in texture, gently unfolding towards the lightly spiced finish that lingers long in the mouth. This is a superb Margaux, surfeit with breeding and sophistication, though it will need 10-15 years in bottle.

We are very pleased to be up and running in the 2015 Bordeaux En Primeur campaign. So far the prices that have been released have been very sensible – only 10% to 20% up on last years prices – and the wines are comfortably 50% better in quality.

The week starts with the Saint Julien property, Château Beychevelle, which is always in huge demand and particularly difficult to pick-up when ‘physical’. We are delighted to have picked up their 2015 at £535.00 IB per case.

• Neal Martin 92-94
• Jancis Robinson 17.0
• Tim Atkin 93
• 92 Decanter
• James Suckling 92-93
• 90-93 James Molesworth

Our second purhase of the campaign is one of the great names of Graves, Château Pape Clement has just released their ‘Rouge’ which came highly recommended to us by Stuart at £625.00 IB per case. This represents excellent value compared to the 2005 (£1,250), 2009 (£1,300) and 2010 (£1,600).

Both Neal Martin and James Suckling have awarded huge scores – 95-97 and 97-98 Points respectively with Suckling describing the ’15 as the “Best young Pape Clément I have tasted”.

There is still time to invest in the campaign. If you are interested, please contact Charles Waud on 07984 880 698 or charles@waudinvestmentwines.com

A review from our Bordeaux buyer and expert, Stuart McCloskey:

In short, the 2015 is an exceptional vintage for the wines of Bordeaux and is, without question, the best vintage since the legendary 2010. There has also been a lot of discussion about which of its forebears Bordeaux 2015 most resembles. Some commentaries compare the 2015 alongside the 2009 and 2010, which I am in disagreement with. Granted, some Châteaux, particularly those in Pomerol and Saint-Émilion, have produced wines equalling, if not bettering their 2009 and 2010s however, wines on the left-bank are a little off the pace when compared to the aforementioned ‘great’ vintages. Qualitative comparisons are also drawn to the superb 2000, 2005 and as far back as 1982. Some have taken the more emotional approach by declaring their wines as an assemblage of all the great, recent vintages but with a unique personality all of their own.

2015 has produced some fantastic dry white wines, many containing higher proportions of Sauvignon Blanc as the Sémillon struggled during the wet August. They are showing incredible levels of fruit, concentration and fresh balanced acidity. These are some of the best dry whites I have sampled since the 2007s.

The Sauternes are incredible, as the weather pattern was almost perfect. In fact, sugar levels were too high in some quarters and had to be tamed by the addition of ripe but un-botrytised grapes. Naturally, these are very rich but enjoy a beautiful purity. There is noticeable acidity, which balances the sugar perfectly.

The Weather:

It would be remiss of me not to comment on the weather conditions surrounding the 2015 vintage – Instead, and for those of you keen to read the detailed assessment of rainfall, flowering, potential alcohol levels and acidity, I would urge you to read Professor Denis Dubourdieu’s report from the famed Château L’Eglise Clinet. More reports are available upon request.

Critic Assessment:

Bordeaux relies upon the critic scores prior to releasing their wines En-Primeur. We are only concerned with offering a panel of critics who will present an unbiased viewpoint. We opt for critics who have many years of experience, but above all for us, bravery is of fundamental importance. Simply put, they have to write the truth, regardless of past reputations. There is nothing worse than reading a review from a critic who is overtly respectful of the same wine year in, year out. Lastly, and something we take for granted, a good palate. This reason alone is why you should review several critics’ notes for each wine; do not rely upon just one, as their individual preference may be the complete opposite of your own. My advice would be to find a balance between several critics and please do not hesitate to contact me for a candid assessment.

We have selected a balance of international and UK critics, which includes Jancis Robinson and her team, Tim Atkin, Decanter and Neal Martin of the Wine Advocate. It is worth noting that Neal has taken over the Bordeaux mantle from Robert Parker. As of May 1st 2016, Neal will be assuming full reviewer coverage of the wines of Bordeaux – both Bordeaux En-Primeur and Bordeaux in bottle reports.

International critics include James Molesworth of The Wine Spectator (US) and James Suckling who has been incredibly vocal regarding the quality of the 2015 vintage. In fact, 16 wines are rated as high as 99/100 points and a further 12 are rated 98/99 with 6 wines already being awarded 100.

I will also share my views for each and every wine, which will include historical prices and how they relate to each and every release.

Release Prices:

2015 is a superb vintage and prices will inevitably and understandably be higher than 2011, 2012, 2013 and 2014 however, it’s a vintage that arrives in a complicated economic time and I hope that the Châteaux are conscious of this. Without question, the campaign will fail if the Bordelaise consider releasing their 2015 prices anywhere close to the 2009s and 2010s. Furthermore, prices must be substantially cheaper than the current market values of the 2000 and 2005s. We will provide a critical financial view of each and every release before making a decision to purchase for Waud Investment Wines. In short, our focus will lie with buying the correct wines rather than getting carried away with the excitement.

Waud Investment Wines Recommendations:

Our ‘Top’ 20

1. Château Ausone
2. View Château Certan
3. Château L’Eglise Clinet
4. Château Canon
5. Château L’Evangile
6. Château La Conseillante
7. Château Trotanoy
8. Château Clinet
9. Château Mouton Rothschild
10. Château Margaux
11. Château Pontet Canet
12. Chateau Haut Brion
13. Château Haut Brion Blanc
14. Château La Mission Haut Brion
15. Château Haut Bailly
16. Château Montrose
17. Château Ducru Beaucaillou
18. Château Rauzan Segla
19. Château Lynch Bages
20. Château Leoville Las Cases

Our ‘Best’ Value

1. Château Moulin St  Georges
2. La Chenade
3. Les Cruzelles
4. Montlandrie
5. Saintayme
6. La Petite Eglise
7. Fonbel
8. Château Giscours
9. Hauts de Pontet Canet
10. La Croix Beaucaillou
11. Château d’Armailhac
12. Château Clerc Milon
13. Dame de Montrose
14. Smith Haut Lafitte
15. De Fieuzal Rouge
16. De Fieuzal Blanc
17. Château Doisy Vedrines
18. Château Grand Puy Lacoste
19. Château Doisy Deane
20. Lynch Bages Blanc

In the last week of March we held our two launch evenings for the eagerly awaited 2015 vintage campaign. Both were held at Nicholas Mee Aston Martin in Hammersmith, the first night for existing investors and Waud Wine Club interested members. The second night was a special and very successful night put on for Barclays Wealth customers.

Nicholas Mee is Aston Martin’s official London’s Heritage dealership and we are delighted that they agreed to co-host the events with us. Our 30 guests on the Barclays evening were treated to a guided tour of the workshop before returning to the impressive showroom for the investment presentation. After a drinks reception with our Mas de Daumas Gassac Rose Frizant, we enjoyed a fascinating presentation by our Bordeaux En Primeur wine buyer, Stuart McCloskey. The evening concluded with a vinous treat, a blind tasting of three separate vintages – namely 2007, 2009 and 2012 of Chateau Pontet Canet in Bordeaux’s Pauillac region. In order to make the tasting competitive, one of the wines in the tasting had been awarded 100 Parker Points out of 100 – and we challenged the guests to guess which wine was the 100 pointer. If they correctly guessed the 2009 vintage, they were in with a chance of winning an Aston Martin.

Congratulations to Siobhan Pillmore, who took the spoils and went home with a brand new Aston Martin DB5 (miniature version!)

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Waud Investment Wines have around 50 En Primeur investors repeating last years sound purchases of 2014’s with this year’s offerings.  2015 is shaping up to be a great vintage and we are expecting to increase our investors and Bordeaux allocations accordingly.

If you would like to invest £ 2,500 per head upwards in this campaign working as an individual or a syndicate of friends or colleagues, please register interest here or call  (o) 020 7940 5516 (m) 07984 880698 and speak to Charles, Jeremy or Stuart.

Notes

Waud Investment Wines have access to a wide selection of the Bordeaux En Primeur wines including Chateau Lafite, Chateau Mouton Rothschild, Pontet Canet, Chateau Angelus and many more. In April and May we look for committments from our investors before we look to purchase the wines during the May/June buying period.

Bordeaux en primeur buyers have lost money in five of the last eight campaigns and there is still too much wine gathering dust in merchant cellars, but Liv-ex analysts say the market is in better shape than a year ago.

Article by Chris Mercer on Decanter website – 30th March 2016

Once again, Waud Investment wines are gearing up for the next Bordeaux En Primeur campaign – this time in the guise of the 2015 vintage, that has been receiving rave reviews so far.

As an added bonus for the evening, it’s also – VINTAGE WINES AND VINTAGE ASTONS! – An evening of fine wines and classic cars with Waud Investment Wines and Nicholas Mee & Co.

• Tuesday 22^nd March 2016
• Nicholas Mee & Company Limited (Aston Martin Showroom)
  158-160 Goldhawk Road London W12 8HJ

Event Itinerary

• 18.30: Reception drinks and tour of Aston Martin showroom
• 19.00: Investment Wine Presentation – covering the intricacies of the Investment Wine Market and an update on the 2015 vintage from our wine buyer – Stuart McCloskey.
• 20.00: Drinks and Canapés

What do fine wines and fine cars have in common?

There are two answers. They both offer intense pleasure that matures and improves with age. And they’re both largely immune to stock market fluctuations: even in times of global recession, classic wines and cars are normally the last to fall and the first to recover.

So Waud Wine Club members with a shrewd eye for ‘pleasure and profit’ assets – or just a lifelong appreciation of the best things in life – will be delighted to hear about an evening jointly organised by Waud Investment Wines and Aston Martin specialists Nicholas Mee & Co.

We expect to see most of our existing investors at this event and we also welcome others who are considering entering this interesting and rewarding investment area and who would like to learn more.

If you would like to sign up to this event – please email charles@waudinvestmentwines.com – please feel free to bring guests who you think would be interested in this opportunity.

After the complications of the past four years, Bordeaux has waited impatiently for a vintage such as 2015. Thanks to the unusually perfect climatic conditions, the Bordelaise had everything they required from bud-break to harvest and the sunshine and the dryness allowed little chance for disease to take hold of their vineyards. Such a level of enthusiasm, as much for the quality as for the excellent volume harvested, hadn’t been seen from the winemaking community for a long time. From Saint-Emilion to Saint-Estèphe passing by the Graves, smiles returned to faces. 2015 is assuredly a serene vintage.

Bordeaux 2015 Weather Report

An Ideal Spring – A particularity of this vintage is the remarkable weather they experienced from April to July. After a fairly standard winter with a small amount of rain, April saw an extended period of weather which already resembled summer (28°C on April 13th). A sunny month of June with a few sporadic periods of rain facilitated the growth of the boughs and the floral caps to fall which initiated a perfectly consistent and very quick flowering between May 25th and June 1st. This was followed by an excellent fruit-setting (the forming of the individual grapes after the flowering). When the first days of summer arrived, the vineyards looked in excellent condition. The bunches appeared to be perfect and were spaced at regular intervals with a good quantity of grapes per bunch and a satisfactory distribution on the vine.

An Exceptionally Hot and Dry Summer – 26 days with the mercury above 25°C is enough to make the Bordelaise fear the worst for the vine. However, even amongst the young vines planted in light soils (sandy and gravelly) there was an excellent resistance to the heatwave. The only shadow on the horizon was that this wave of heat around the end of June and beginning of July could provoke hydraulic stress which is relatively rare in Bordeaux.

During this period we had a period of 15 consecutive days at 30-35°C. The Veraison started and finished very early and the increase in the size of the berries was stunted. Certainly, pyzarine which produces the “green” aromas was inhibited by the heat but citrus remained. The concern was that come harvest time, there would just be “raisins secs” left to pick. By the end of July, there was a definite need for rain in order for the vineyards to continue its development. August came to the rescue. Some rainy periods (for example in Pomerol there was 20mm on August 4th, 28mm on August 8th, 18 mm on August 13th and 13mm on August 14th) liberated the development of the plant at the opportune moment. The intake of water allowed the berry to swell to some degree but they remained below the average weight we would expect. At the beginning of September, the vineyards were again in excellent condition with an early harvest expected. There was therefore cause for a degree of optimism around the Châteaux.

Harvest à la Carte!

Around the autumn equinox, rain whose quantity varied greatly from one area to another brought a cold shiver to the growers. July had seen a slow-down in the evolution of the vineyard and although beautiful, the month of August had not been sufficient to allow the vines to catch up to what we would normally expect at that stage. September and October saw relatively normal levels of sunshine and rainfall and the grapes were able to ripen in the best conditions. This slow and full maturity was made possible by the tremendous weather which allowed the growers to pick precisely when they wanted to. Everyone had the luxury of harvesting the parcels one after another. The picking for the reds stretched therefore from September 10^th – October 10th.

The Result in the Vats

There is an indisputable truth: excellent grapes produce quality juice. One thing to take note of is that the sugar-levels which vary from region to region nevertheless remain within the normal levels.

There was a false-rumour circulating regarding low levels of acidity. This can only really be known during vinification. On the other hand, we said with certainty, there is a very good level of tannins and anthocyanes without them being too high. It can be confidently stated therefore that the juice has excellent phenolic potential. The words I often heard when describing this vintage are “harmony”, “elegance”, and “balance”. The experts talk of a great vintage for merlot – rich and fleshy. The cabernet franc possesses an aromatic quality which is a characteristic of great vintages. And as for the cabernet sauvignon, it is silky and noble.

What the Growers are Saying About the 2015 Vintage

Daniel Cathiard – Owner of Chateau Smith Haut Lafitte

“We are very optimistic. The harvest was a dream, perfectly long and we were never forced to rush. Picking started for the whites on August 31st and for the reds on September 14th. The quality was immediately evident so it was easy to bring in rich and healthy grapes. From the tasting of the 1st juices with Michel Rolland, I knew that we had a superb vintage on our hands. Making a comparison is difficult – it resembles somewhat the 2005 & 2010, both excellent vintages. The volume is at the level of the 2014. What is certain however is that it will be amongst the great Bordeaux vintages.

When we have a very high quality we can be relatively optimistic about the en primeur release. China should be buyers – diversifying their funds and looking more and more towards the quality-price ratio. As for the American market, the weak Euro is a great help. Wine connoisseurs shouldn’t let this vintage pass them by and I don’t believe we will see an unreasonable increase in the prices.”

Pierre Graffeuille – Director of Domaines Delon

“The vegetative cycle unfolded under the best auspices. The flowering and veraison, being consistent and very quick, give an indication that it is a great vintage. The harvest started on September 20th at Château Nenin and around the September 25^th at Potensac and at Leoville Las Cases. There was a slight delay between ripeness in terms of sugar and phenolic ripeness due mainly to June and July being so hot and dry. However the rain in September refined the grape-skins without the sugar-levels increasing. This rain which we had been so anxious about, in truth did a lot of good. We harvested without being pressured and were able to wait for the perfect maturity without ever fearing for the appearance of any rot. Rarely have we been able to achieve such ideal levels of maturity. Bearing in the mind the high quality of the grapes harvested, we were able to extract a little more than usual without risking the appearance of any harshness or rusticity in the wines. After vinification, we were very happy with the 3 varieties we have – cabernet sauvignon, cabernet franc and merlot. Our thoughts in general? exceptional merlot in Pomerol and an excellent level of quality in the Medoc. During the blend in Pomerol, the wines appear rich, dense and balanced. Over in the Cabernet-dominated Medoc, the wines seem to be huge, concentrated, complex with an excellent balance. We haven’t seen such excellent consistency since the 2009 and 2010 vintages. To conclude – we can find the power, elegance and taste of the great Bordeaux vintages both in Pomerol and the Medoc and we are delighted.”

Bernard Magrez – Vignobles Bernard Magrez

“An ideal vintage on every level from the flowering to the harvest. It will be a good to very good vintage and the style should be one which the consumer will appreciate – that is to say, elegance, roundness, nobility. At Château Fombrauge, the Merlots were the best ever seen and the Cabernets truly excellent at Pape Clement and Les Grands Chênes. Without a doubt, a very serene vintage. Thanks to a very clement weather, we were able to work with great care and precision both in the vineyard and in the chai conscious that it would be exceptional. Success for the en primeur release comes down to the same formula – the desirability of the wine set against its quality, image and price. Our goal will be to maintain the reasonable pricing levels of the last six years adopted as our policy at all our properties. There is a risk in great vintages to set the prices too high which acts as a deterrent to consumers.”

Michel Rolland – Consultant Winemaker

“As ever, it is the climate which determines the quality of the grapes and hence the wines. All the stages of the vegetative cycle unfolded under beautiful conditions. With top quality grapes, the objectives for the vinification remain very simple – the less we intervene, the less we run the risk of doing something detrimental. Everything was done with delicacy from the harvest to the extraction. This was a year of precision in the vineyard followed by a minimalist approach to the vinification. An excellent year for the whites and they are dense and aromatic. The reds are very seductive, balanced and elegant with silky, fine tannins. The blend will be easy because all the varieties are excellent. This is the type of vintage which wine-makers love.”

Alain Vauthier – Owner of Chateau Ausone

“A magnificent, very consistent flowering which is confirmed by the graphs of pollination. Hydric stress was limited to only a few younger vines and a little rain unblocked the veraison. As for the grapes, having bitten into them many times, they were always full of taste. Most definitely, a year for the fruit. The warm and dry conditions allowed us to harvest in serenity. And the result was a very consistent crop. Before fermentation, the juice was dense and rich and afterwards, each vat was top quality. There are some exceptional plots which indicate that we have a good quantity of a great wine. A certain style is already evident for this vintage – roundness and suppleness without any austerity or aggressiveness. Everything was very easy – we would wish to have the same vintage every year.”

Get in touch

If you would like more information about investing into the 2015 Bordeaux campaign – please contact charles@waudinvestmentwines.com

This is the first of our market updates in relation to the 2014 vintage that our various syndicates invested in during the summer of 2015. The research for this report has been provided by our wine buyer, business partner and Bordeaux expert, Stuart McCloskey.

As you read this report Stuart is back in Bordeaux doing the rounds with the producers and checking for the early indicators of both quality and price for the 2015 vintage that we will be offered in the spring. More about the 2015 vintage in our next circular and at our investors evening which is scheduled to be on 22^nd March in London – details to follow but please ink your diaries now!

2014 Bordeaux En-Primeur  – The Story So Far

Pricing was the crucial component as old and new buyers of En-Primeur wines needed to see an incentive to buy after the Châteaux released their 2011, 2012 and 2013’s at unrealistic price levels. Moreover, the lack of understanding from many Bordeaux producers caused much ill feeling, which in turn, called in to question the future of En-Primeur.

However, and despite naive pricing from some Châteaux, the 2014 En-Primeur campaign has arguably been the most successful campaign since 2010 in terms of sales, as many Châteaux released their 2014’s at attractive prices against the current market price of the 2006 and 2008 vintages, which are both on-par in terms of quality.

Interestingly, seven Châteaux clearly shaped this year’s campaign for us. Those being Châteaux Lafite Rothschild, Mouton Rothschild, Pontet Canet, Duhart Milon, Canon, Rauzan Segla, Lynch Bages and the second wines of Lafite and Mouton, namely Carruades de Lafite and Petit Mouton. Pleasingly we managed to get allocations of all these wines for our investors.

We also looked at which wines ranked highest in terms of both sales per volume (12x75cl cases) and by total value. Unsurprisingly, and a long-time favourite, Château Pontet Canet (of which we bought a whopping 70 cases at £ 648 per case) romps home the clear winner as the most sold 2014 Château of the entire campaign. Château Lafite Rothschild takes the No: 1 spot for total sales per value with Pontet Canet being pipped to the post by just over £1,000.00.

First Growths

It’s clearly evident that the first growths will be moving away from releasing their wine to some (if not all) of the négociants in the near future.

Instead, preferring to handle sales directly therefore, maximising more profits and selecting which merchants’ will be offering their wine. Unfortunately, allocations this year have been brutally slashed and the following Châteaux sold out quickly, which was completely understandable given their release prices.

Lafite Rothschild @ £2,950 (10 cases bought): Comparable mature vintages such as ’01, ’02, ’04, ’06, ’07 and ’08 all exceed £4,500.00 and the 96+ (Robert Parker) 2005 regularly trades around £6,000.00.

Mouton Rothschild @ £ 2,350 (10 cases bought):  The 2014 is superb moreover; this is the cheapest vintage available on the market with the ’01 trading @ £3,600.00, ’06 @ £3,300 and the ’08 @ £3,100.00. Their 2014 has received glowing reviews from all the leading critics’ 96-97 James Suckling, 94-96 Neal Martin, 93-96 Antonio Galloni, 17.5 Jancis Robinson and 95+ Decanter

Carruades de Lafite, @ £ 920 (5 cases bought)  Chateau Lafite’s second wine, was a favourite of the Asian market however; both prices and demand fell hard since the wine market correction. That said; and on recent performances/sales, Carruades de Lafite is clearly on its way back. The recently released 2014 is now trading around 10% higher than its release price.

Le Petit Mouton @ £ 750 (4 cases bought)  Château Mouton Rothschild’s second wine, is enjoying huge demand for both physical and the 2014 En-Primeur. The latter was released @ £750.00 IB per case and is now regularly trading @ £1,000.00 IB per case, which is an incredible uplift in six month.

Second Growths

Château Rauzan Segla @ £ 375 (20 cases bought):  was a must-buy and one of our biggest sellers – priced to sell as this is their lowest price of any vintage from this second growth. The critics’ loved it  with Tim Atkin awarding a whopping 95 points “This Chanel-owned property has produced a suitably stylish wine in 2014, but one that doesn’t sell at haute couture prices. In fact, it should be among the bargains of the vintage. Elegant, shimmering and silky, with balletic poise, mineral undertones and flavours of cassis, lead pencil and liquorice”.

Château Pichon Lalande (we didn’t buy any) who have cannily dipped below their neighbour, Pichon Baron and Château Pontet Canet (a very sensible decision too) was a roaring success. Their 2014 offering is cheaper than the majority of back vintages but has clearly produced something special in 2014… “This is an excellent wine, one within touching distance of the First Growths” says Neal Martin.

Château Montrose @ £ 850 (5 cases bought) which Neal Martin awards 95-97 and describes as coming “perilously close to matching the heights of the 2009 and 2010. This is a brilliant Montrose, one of the best you will find on the Left Bank this vintage” was a huge success particularly as the ’09 sells well @ £2,000.00 and the 2010 @ £1,600.00.

Châteaux Cos d’Estournel, Leoville Barton, Las Cases and Pichon Baron all struggled to find buyers – including us!

Third to Fifth Growths

Lynch Bages, (we bought 8 cases) was snapped up at a fantastic price of £575.00 IB per case. This was cheaper than any comparable vintage physically available, therefore making it one of this year’s ‘must-buys’. Sadly, we could only manage a small allocation during the first and only round of offers ( the strong demand reinforcing the correct pricing strategy from the Château)

Château Duhart Milon, (we bought 40 cases) sold-out its entire stock @ £400.00 IB per case Quality and demand has increased year-on-year however, their 2014 offering is down by 20% (compared to the 2013 release) and of course is a much better wine. Moreover, the 2014 is circa 25% cheaper than any vintage in the market with comparable vintages (2008, 2007 and 2006) all selling @ £550.00+ per case…

Château Palmer which has undoubtedly produced one of the wines of the vintage however, we were struggling to get excited @ £1,500.00 per case and didn’t buy any for our Waud Investment Wine syndicates.

Châteaux Calon Segur, Grand Puy Lacoste, and Beychevelle found some buyers, but again not Waud Investment Wines this time at least.

Château d’Armailhac (we bought 20 cases) – Mouton’s classed growth Pauillac offers amazing value and joins Stuarts ‘must buy’ list @ £230.00 IB per case.

Suckling awards an impressive 93-94 and Jancis MW 17 (Mouton 17.5).

Saint Emilion:

Château Angélus, @ £ 1,700 (10 cases bought) one of St Emilion’s superstars, and a wine now in huge demand particularly following their promotion to the first growth status in 2012, joining the ranks of Cheval Blanc and Ausone. Granted, £1,700.00 is cheaper than all other vintages however, if still rather punchy. Fortunately, we have strong links with the vineyard and have been able to secure a small parcel cheaper than most others.

Unsurprisingly, Gerard released Château Pavie at the same price as Angelus.

The standoff between Châteaux Cheval Blanc and Ausone was a tad silly as both Châteaux were waiting for the other to release. Château Ausone released first @ £3,400.00 IB per case with Cheval Blanc creeping out soon after with the exact same price of £3,400.00 IB per case. Stuart suggests opting for Cheval Blanc which clearly produced one of the ‘wines of the vintage’ – albeit too toppy for our Waud Investment Wine available funds.

Neal Martin 95-97 “The Château Cheval Blanc 2014 is a blend of 45% Cabernet Franc and 55% Merlot, picked from 19 September until 8 October. The alcohol level is 13.25% matured in 100% new oak, which Pierre Lurton told me was prolonged due to the heterogenous soils and wanting to wait for the Cabernet Franc on clay soils to reach full maturity. It is quintessential Cheval Blanc on the nose: predominantly red fruit here rather than black, touches of incense and dried roses, a dab of liquorice underneath.

Château Canon (We bought 20 cases) was a sensational buy @ £375.00 IB per case. This became ‘Best’ right-bank buy of the entire campaign particularly when you look closely at the critics’ scores and Château Canon’s markets values…

Neal Martin awards 93-95 which is on-par with the 2011 now selling @ £600.00 IB per case. Furthermore, Neal pens “a sublime Château Canon that might dare rank alongside the 2009 and 2010” HUGE praise indeed with the ’09 selling @ £1,000.00 and the ’10 @ £850.00 IB per case…

Neal rates Canon higher than Château Angélus (91-93), which released @ £1,700.00 IB per case and awards the same score as Château Ausone, which will easily command a price tag of at least ten times that of Canon…

Pomerol:

Pomerol’s superstar winemaker, Denis Durantou entire portfolio was an incredible success in 2014 and rightly so.

Château L’Eglise Clinet (we bought 6 cases) was offered and immediately sold-out @ £1,300.00 IB per case. Allocations of their second wine, La Petite Eglise (we secured just 3 cases @ £ 220) are even harder to come by as the total production was under 600 cases. This was another immediate sell-out.

Denis Durantou also produces a string of superb wines in Lalande Pomerol and Côtes de Castillon.

Montlandrie le Castillon de Denis Durantou offers brilliant value for money and has received excellent reviews from all the leading critics’.

Tim Atkin top’s the scores with 94 points (same score Tim awards for Château Ausone!). What an incredible bargain @ £120.00 IB per case of 12x75cl

La Chenade – (Lalande Pomerol – we bought 20 cases at just £ 100 per case) is sourced from a section of the Les Cruzelles vineyard with gravel soil and is a small production of 1,500 cases. 80% Merlot, 20% Cabernet Franc, 30% new oak. 88-90+ Neal Martin “The La Chenade 2014 is a blend of 80% Merlot and 20% Cabernet Franc from gravel soils, picked September 24-29 and October 17-21, respectively. Matured in 30% new oak, it has a slightly simpler bouquet compared to Denis Durantou’s Saintayme, but still very pure with blackberry and hints of undergrowth, a light marine influence coming through with aeration.

Graves / Pessac Léognan:

Château La Mission Haut Brion sold extremely well, but we focussed on Domaine de Chevalier ‘Rouge’ here (we bought 20 cases at £ 375)

Missed Opportunities:

Inevitably, some Châteaux got lost in the stampede which is their own fault for waiting too long however, there are few which deserve another mention.

Château Doisy Védrines: Released @ £117.50 IB per case of 12×37.5cl (half bottles), not only does this represent extraordinary value (half the price of Climens) but when you compare the critics’ scores/reviews, it makes this almost too good to be true…94-96 Point Neal Martin “The Château Doisy-Védrines 2014 is a blend of 85% Sémillon and 15% Sauvignon Blanc, a modest 134 grams per litre residual sugar and a pH of 3.55 (a figure that might be a little lower than recent vintages.)

• 94-97 Wine Spectator
• 95-96 James Suckling
• 18.0 Jancis Robinson
• 18.0 René GABRIEL
• 17.5 Decanter

Château Moulin Saint-Georges (Saint Emilion Grand Cru), came highly recommend @ £185.00 IB per case –The ’08 is selling well @ £240.00 IB per case currently.

The Vauthier family and winemaker Phillipe Baillarguest are putting as much effort into producing the best Château Moulin Saint-Georges as they are with Château Ausone itself.

Also from the Vauthier stable comes another Saint Emilion Grand Cru, this time in the form of Château Fonbel, which quite frankly is a steal and comes highly recommended @ £105.00 per case… The ’08 is regularly selling @ £150.00.

88-90 Neal Martin “The Château de Fonbel 2014 is a blend of 80% Merlot, 10% Cabernet Sauvignon, 5% Carmenère and 5% Petit Verdot.

Château Clerc Milon is made by the Mouton team and was offered @ £320.00 IB per case (the 2008 sells well around the £420.00 mark).

Château Talbot @ £290.00 IB per case, is the cheapest price available for any physical vintage. James Suckling awards a whopping 94-95 (same score as Château La Mission Haut Brion) “This is really powerful with excellent depth of fruit and richness. Spices, blueberries and lightly toasted oak now. But it shows really serious structure. Best Talbot in years, maybe decades”.

Château Gloria, the St Julien property, made a brilliant wine in 2014 and their opening price of £205.00 is equally dazzling. What a fantastic bargain! Beautiful crafted and the critics’ agree too; Again, Tim Atkin MW awards another 95 points “Unclassified it may be, but Jean-Louis Triaud’s property often produces some of the most profound and well-priced Saint Julien’s.

In Conclusion

I hope you have found this comprehensive review of the 2014 En Primeur wines that we bought last year to be both interesting and encouraging, as there appear to be a good number of bargains from within our portfolio of wines selected with the expert guidance of Stuart McCloskey.

We will keep you regularly updated with wine and investment performance as these wines age and the market for them grows – you will recall that the general market advice is to leave our investment wines for at least five years before expecting to trade or drink your wines as the mood takes you!

I am looking forward to more news on the 2015 vintage from Stuart when he returns from Bordeaux.

Stuart, Charles and I look forward to seeing you, your fellow investors and I hope more investors with us at our pre campaign briefing in London on 22^nd March.

Kind regards

Jeremy C. Waud
Managing Director