2025/10/28 - Insights
Q3 2025 Portfolio Management Report
This quarter's report delves into the philosophy that "avoiding stupidity is easier than seeking brilliance," a principle that has guided our strategy and contributed to the portfolio's continued outperformance. Inside, you will find a detailed analysis of: • Our Performance & Strategy: How our focus on excellent stock selection and risk management has navigated a market dominated by a narrow set of winners, particularly in precious metals. • A Case Study in Quality: An in-depth look at Clicks Group, illustrating how a business that consistently compounds value by building strategic "moats" can deliver exceptional long-term returns. We believe this case study powerfully demonstrates the type of high-quality companies we seek for your portfolio. • Global Equity Update: A review of our two distinct global strategies—the aggressive Quality-Growth Fund and the core Global Top 100 Quality Companies Fund—and how they are positioned for the current economic environment.