2025 was volatile for markets but ended strongly, with the fund outperforming.
Bottom up stock selection drove the outperformance, despite the strategy maintaining a slightly defensive position due to high valuations and macro risks.
Dollar General contributed positively after a successful operational turnaround under new management.
Thermo Fisher was another strong contributor, benefiting from improved sentiment and long term growth driven by pharma R&D pipelines.
Market valuations are currently full, suggesting more modest returns ahead, even though the economic backdrop remains relatively resilient.
The portfolio remains cautiously positioned, finding opportunities in high-quality long-term compounders and selective opportunities in tech and AI, including Amazon and Microsoft.
Important Information: Past performance is not a reliable indicator of future results. All investments involve risk, including possible loss of principal. No investment strategy can guarantee returns, outperform in all market environments, or eliminate the impact of market volatility. References to “outperformance,” “consistency,” “core allocations,” “style neutrality,” or similar concepts describe investment objectives and/or process characteristics and should not be interpreted as a guarantee of results. This material is provided for general informational purposes only and does not constitute investment advice or a recommendation of any investment or strategy.
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