Publications

2019

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

2018

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.

2017

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