This has been a disappointing period of performance, characterised by a market-wide rotation away from the quality stocks the Fund focuses on. Despite this, we are encouraged by both the continued strong underlying performance and enduring quality of our portfolio companies. The current environment is providing a rare opportunity to own our portfolio of high-quality companies at particularly attractive valuations.
In addition to a review of the portfolio's performance and our outlook, this letter includes a detailed “stock in focus” section on Visional, a Japanese company capitalising on structural changes in the country's labour and recruitment industry. Thank you for your ongoing support.