For Q1, the portfolio returned -3.76% versus -4.33% for the S&P 500® Index, outperforming by 58bps.
Our exposure to the US industrial complex has expanded materially over the last 12 months, and we continue to find incremental ideas that fit our process in this area.
We aim to concentrate capital where the economics are both attractive and, importantly, knowable and avoid areas where outcomes are dominated by variables that cannot yet be reliably forecasted.
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Portfolio Manager
Christopher Smith
“Speed is a competitive advantage. ...We don’t wait for perfect clarity. We prefer doing and iterating to debating endlessly. ... If you’re wrong, you’ll fix it faster than your competitors finish arguing about it.” —Patrick Collison, co-founder
