Letters to Our Partners

Letter to Our Partners - Q3 2025

13.8% YoY growth in NOPAT/share, but share price volatility hurt our concentrated portfolio strategy

Oct 1 •

The Compounding Tortoise

Letter to Our Partners - H1 2025

Excellent growth, underpinned by our companies' strong ROIICs and brilliant execution

Jul 10 •

The Compounding Tortoise

Letter to Our Partners - Q1 2025

Don't be scared or euphoric - focus on your companies' longevity

Apr 11 •

The Compounding Tortoise

Letter to Our Partners - Q4 and FY 2024

Betting big on exceptionally resilient and steadily growing compounders

Jan 16 •

The Compounding Tortoise

Letter to Our Partners - Q3 2024

Steady as she goes - sticking with our incredible money makers

Oct 3, 2024 •

The Compounding Tortoise

Letter to Our Partners - H1 2024

The outlook for our high-quality compounders has never looked more compelling

Jul 2, 2024 •

The Compounding Tortoise

Letter to Our Partners - Q1 2024

Taking quality growth investing to the next level

Apr 3, 2024 •

The Compounding Tortoise

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