Key Decisions Paying Off
In our last update, we discussed the U.S. tariff announcements that triggered a brief but sharp market pullback in early spring. Despite the turbulence, the businesses in the pool held up well, helping protect capital. Your portfolio management team remained disciplined in their approach, using the downturn as a chance to invest in high-quality companies at attractive valuations. They increased the pools position in several businesses whose share prices fell sharply—even as their earnings remained strong. That strategy has already paid off, with these businesses share prices rebounding as much as 57%.
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