2020 Annual Letter
25 February 2021
- Reviews performance over the 2020 calendar year


Comments on Market Turmoil
13 March 2020
- Discusses market turmoil related to the coronavirus, fund positioning prior to the turmoil, the logic and rationale behind the actions taken during this turmoil, and the outlook going forward.

2019 Annual Letter
6 February 2020
- Reviews performance over the 2019 calendar year

Article - Looking for Growth Stocks in Unusual Places
(original article at
19 January 2020

- Explores factors that lead to sustained growth performance in a number of traditional industries


Article - Behind the popularity of new economy stocks
(original article at
3 November 2019

- Discusses the reasons behind the popularity of new economy stocks and whether there is an investment case for them

2018 Annual Letter
21 January 2019
- Reviews performance over the 2018 calendar year and comments on long-term investing and volatility in general.


Commentary on October 2018 Performance
12 November 2018
- Discusses recent volatility in financial markets, how this fits into the investment context of the Fund and actions being taken.

2017 Annual Letter
21 January 2018
- Reviews performance over the 2017 calendar year.


Commentary on Avis Budget Group
June 2017
- Discusses the Fund's top position, focusing on its free cash flow and use of cash flow for share buybacks