Turning Volatility Into Opportunity
Amid
Q1 volatility, the team put capital to work by deploying over $411 million
throughout the quarter, using market uncertainty to build positions in
high-quality businesses. Starting with 18.7% in cash, the Pool ended the
quarter nearly fully invested at just 2.7% cash.
Four new businesses
were added at compressed valuations. Constellation Software and ADP were
purchased as AI disruption concerns drove stocks to multi-year lows, while Visa
and MasterCard were re-acquired after regulatory uncertainty created
significant price declines. Meanwhile,
FedEx and Magna were sold at near all-time highs, locking in $148 million in
combined investment gains and triple-digit returns for clients.
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