Summary

• We have a strong orientation to low absolute and relative valuation, which are key to the execution of our investment strategy.
• When an acceptable level of conviction is achieved, the appropriate weighting (considering liquidity, valuation, etc.) is discussed and determined.
• Given decelerating insurance pricing and declining interest rates (i.e. peak investment income yield), Arch is entering a period of slower growth.

Investment Philosophy:

Purchase durable business franchises that are selling at a discount to their intrinsic value.

Performance

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