Investment Letter Q3 2023

“Winning or losing of the election is less important than strengthening the country.” Indira Gandhi The third quarter in markets was characterised by a shift in focus from inflation to growth. Inflation data in developed markets, whilst still elevated, showed...

Investment Letter Q2 2023

“Innovation and corporate governance are extremely important to improve the profitability of Japanese companies and encourage them to increase wages, capital spending, and dividends.” Shinzo Abe, former Prime Minister of Japan If markets in 2022 were characterised by...

Investment Letter Q1 2023

“Banking is very good business if you don’t do anything dumb.” Warren Buffett This year started with a sharp rally in equity markets. Having entered the year with our portfolios cautiously positioned, including a higher cash balance than we would...