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First Quarter 2022 Letter

Estimated Reading Time: 10 minutes. Click here to read this article as a PDF. "Bad companies are destroyed by crisis, good companies survive them, great companies are improved by them.” -Andy Grove This letter will be briefer than usual, as…

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A Builder and His Mine

The heightened news-flow in recent weeks surrounding energy prices and government mandated carbon-zero targets, coupled with the entry of Sprott into the physical uranium market has created much interest in the uranium and nuclear space. We do believe the increased…

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The Founder Strikes Back

In January, we had the opportunity to learn about a founder's passion and drive to save his company. Retail entrepreneur, Julian Dunkerton, who won a proxy battle in early 2019 to regain control of Superdry and commence a  design-led turnaround…

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First Quarter 2021 Letter

Estimated Reading Time: 6 minutes Click here to read this letter in PDF format. Speed Read:  Our Global Micro Fund delivered returns of 23.3%, while the euro-denominated Luxembourg fund returned 24.6%. Our Global Micro separate accounts returned 18.5% while our…

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Fourth Quarter 2020 Letter

Estimated Reading Time: 14 minutes Click here to read this letter in PDF format. Speed Read:  We remain encouraged, but not satisfied, by the out-performance in the quarter which restored the long term, through-the-cycle, track record back to our minimum…

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