This summer ended with the fund slumping 6.88% (vs a 3.6% loss in the S&P), bringing our net gains for the year to 13.81% (vs 11.68% for the S&P). Though our long-equity strategy prevents us from broadly protecting the fund’s portfolio from such downturns, we did take actions that we expect to promote long-term outperformance.

Q1 -2023 Letter to Investors: In which the rise of AI stocks testifies to the importance of patiently investing in secular trends.

In which we look back on the past few years, which many have described as “among the most challenging economic periods on record.” And, in which, we declare our optimism for the not-too-distant future.

In which, the fund outperformed the S&P 500, by losing less. Here is how and why we are investing into a market that we expect is in a broader downtrend.