Annual Performance Report
Focus on Companies
We specialise in business: our day-to-day work is to improve our understanding of the companies in which we invest. And we communicate abundantly about our findings.
Because transparency is a method, not a constraint (let alone a smokescreen):
Transparency strengthens rigor and prudence, which encourages our management style to seek performance with lower risk.
Our policy relies on three document which each, in their own way, can help our investors.
This is our most regular appointment, providing details of:
We specialise in understanding companies and the wealth-creation mechanisms that drive them: twice a year (for annual and half-year results), we issue a document providing details of our companies’ published revenues and profits, aggregate them (to give an overall view), make comments company by company, and most importantly reveal our expectations for the new fiscal year.
View our latest focus
The ultimate tool ensuring transparency: with this, there’s nowhere to hide, as we provide a detailed breakdown of our annual performance investment by investment (page 9), along with a company-by-company discussion of our convictions for the coming year, but also our doubts if any. This document is crucial to our work as a team: it forces us to acknowledge times when our management may have been somewhat complacent, and then set new rules and procedures to strengthen our practices
View our latest annual Performance Report