Andrew Dalrymple's letter - 2nd quarter 2019

The Strategy has had another very strong quarter substantially outpacing the MSCI World Index, and strongly justifying our view that the merits of passive investing are severely overstated. In the usual nautical terms, by which we like to narrate our progress, it has been another exceptional period of blue water sailing, with a reliably strong wind from behind. With topgallants and studdingsails set, the ship has been bowling along at a fine speed!

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2Q19 Manager's Letter AD.pdf

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