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