Global SMIDs update
Canopy's Co-founders discuss opportunities in quality global small and mid caps.
Skin in the game
‘Show me the incentive and I’ll show you the outcome.’
Charlie Munger
Plans are worthless but planning is essential
‘Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.’
Peter Lynch, Learn to Earn, 1995
Volatility insights
If you think share prices are becoming more volatile during earnings season, you’re not imagining it.
Recognising a stumble from a fall
Quality companies typically trade at premium valuations, but when cyclical headwinds are conflated with secular falls, even the best businesses can be dismissed by the market. When heroes stumble excessive negativity can present opportunities to buy quality at a discount.
The enemy within
"The investor's chief problem — and even his worst enemy — is likely to be himself."
Benjamin Graham, 1949
FY25 investor letter
We’re pleased to share our annual letter for the fiscal year ending 30 June 2025, representing the Fund’s first full year of operation.
The return you see, the risk you don’t
It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong.
George Soros (quoted by Stan Druckenmiller), The New Market Wizards: Conversations with America’s Top Traders, 1994
Canopy Highlights - insights from our global research
With quarterly results now in for most of the companies we follow, we’ve compiled the latest Canopy Highlights—insights from our global research.