Category: Monthly Update

Global equity markets delivered another strong quarter, driven by continued enthusiasm around artificial intelligence and the companies positioned at the centre of the AI infrastructure build-out.

Investing periodically goes through difficult relative periods, particularly when markets become concentrated in a narrow group of companies, sectors or themes. During those periods, share prices can move well ahead of fundamentals in the favoured areas...

The MSCI ACWI ex Australia Index rose 5.2% in May, with Asia ex Japan leading regional performance, up 11.2%. Japan also posted strong gains of 6.2% in local currency, while the S&P 500 advanced 5.3% in the United States. P

The most important point to make this month is that the portfolio has not changed its character. We continue to own companies with strong competitive positions, high returns on capital, healthy balance sheets and long-term growth opportunities. What

In April, the concentrated selection of stocks we have in our portfolio delivered a return of 0.31%. The broader market, as measured by the MSCI ACWI ex Australia Index, rose 6.8% over the month while emerging market equities delivered their strongest absolute return since 2009.

In April, the concentrated selection of stocks we have in our portfolio delivered a negative return of 1.37%. The broader market, as measured by the MSCI ACWI ex Australia Index, rose 5% over the month while emerging market equities delivered their strongest absolute return since 2009.

In April, the concentrated selection of stocks we have in our portfolio delivered a negative return of 2.28%. The broader market, as measured by the MSCI ACWI ex Australia Index, rose 5% over the month while emerging market equities delivered their strongest absolute return since 2009.

The launch of U.S.–Israeli military operations against Iran on the final day of February triggered a significant and broad-based repricing of global risk assets in March. The Strait of Hormuz — through which approximately 20% of global oil and liquefied natural gas supply transits — became the central flashpoint.

Patience is perhaps the most cited virtue in long-term investing — and yet it is rarely tested in quite the way the past 12-18 months have been.

Different parts of the market have been pulled in different directions simultaneously: energy surged while technology retreated; defensives lagged while cyclicals briefly led; geographies...