Annual Letter to Investors

2025 was not our year.  Returns were materially below our objectives as global equity markets advanced. The extraordinary aspect of 2025 is that for the most part the Strategy’s companies maintained their excellent operating momentum, but this was not reflected in their share prices.

18 mins

Half Year Letter to Investors

Had you fallen asleep at the start of the year, only to be revived six months later, you might be forgiven for thinking that markets were similarly sedate. Of course, the first half of the year has been anything but dull...

15 mins