Estimated Reading Time: 25 minutes. Click here to read this article as a PDF. The…
Our third quarter letter discusses our performance, our opportunity set, and some important changes that will simplify our lives.
- The quarter was not satisfactory in an otherwise decent year. Our portfolio’s risk-reward hit an unprecedented high today, which is often a reliable indicator of future performance;
- Having >30x our assets under management, we’ve outgrown our old structure. Starting 1/1/19, we’ll have just a domestic fund and international fund with separate classes to prevent dilution to our coinvestment, which remains our highest conviction opportunity;
- Our Founders’ class is closing by the end of this year and the fee structure will slightly change for new investors. There will be no change for existing investors until we proactively lower fees with even greater scale;
- Finally, we briefly summarize the research updates we’ve posted and will continue to post on our concentrated portfolio as well as give a preview to a presentation we’ll give towards the end of this month to an international value conference.