![]() ![]() However, there is still a long way to go to bring the economy back into balance. Even high-quality stocks that were trading on nosebleed valuations have somewhat corrected. We are glad that these bubbles have deflated, if not yet gone away and some market participants even discuss sensible valuation again. Our philosophy precludes us from buying the speculative momentum stocks so popular in the past few years, let alone the parade of nonsense from profitless tech stocks, mega (overpriced) IPOs, cryptos, NFTs, SPACs, and meme stocks. We find it disheartening that it took war and run-away inflation for central banks to even start to normalize interest rate policy (let alone their balance sheets). Whilst not completely satisfied with our results (it is never pleasant to lose money if only on a mark-to-market basis rather than a permanent capital loss), we are glad to see some sanity return to the markets. However, we did suffer yet another late quarter-end sell-off, which prevented us from posting a positive year. Similarly, our fund performed well, recovering from the previous quarter-end sell-off. ![]() The fourth quarter rhymed with the previous three quarters where the major themes remained inflation, interest rates, and recession. Our fund’s composition is unlike any index, and we are unlikely to perform in a similar manner. We are extremely optimistic about our portfolio’s prospects and believe we will reach our compound return aspiration over time. Similarly, our last reported NAV at quarter-end was 13.39 ( +10.86% from the closest reported NAV at the third quarter end of 12.08 on ). Inception to quarter end return was 35.4% or 8.4% compounded annual return. We ended the quarter with a full year performance of -2.8% (-2.6% on a NAV basis 29 December 2022). We note the above number appears in line with European benchmarks and significantly better than global benchmarks. We do not have a stated benchmark in our Key Investor Information Document (KIID) and therefore cannot comment on relative performance. Utah778 Dear fellow investors and friends,ĭuring the fourth quarter the fund gained 9.7% gross of fees. ![]()
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