Peter Robson's letter - 1st quarter 2018

The quarter initially saw an extension of the very strong positive returns seen in 2017. However that was superseded by some intense volatility in stock markets as the high level of concentration in sectors and stocks saw some chaotic unwinding in the later part of the quarter. It was of no surprise then that some investors used this as an opportunity to take profits in some of the better performing stocks.

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1Q18 Manager's Letter PR.pdf

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