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...

Investment Letter Q4 2022

“Change is the law of life. And those who look only to the past or present are certain to miss the future.” John F. Kennedy A glance at the returns of all major asset classes over the past 12 months would confirm that 2022 has been incredibly challenging...