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.