Quarterly Fact Sheet and Letter Number 9 (Q2 2019)

We delivered a total return of 5.0% in Q2 2019.

The last nine months has showed our willingness to be defensive and preserve capital in adversity (in Q4 the fund outperformed by 7.6%), and to put on risk when the cycle supports such action (in Q2 we outperformed by 1.6%).

We consider the stars are aligned to positively surprise investors, many of whom remain disinvested and highly sceptical of the outlook. The global economy has been slowing for more than 18 months and is at or approaching its nadir. Equity markets put on their best performance during recovery from such troughs.

In our Quarterly letter we illustrate our outlook with several charts and discuss some of our largest equity holdings.