Buy-and-hold

July 2026

Our investment approach remains firmly buy-and-hold, and portfolio turnover is typically low. That said, we have been relatively active of late. During 2026 we have exited three holdings: Star Micronics (taken private); and Tesco and Pan American Silver after strong share price appreciation. Against this backdrop, we have added five new investments. China Shineway Pharmaceutical, Rheon Automatic Machinery, Japan Lifeline and Wesdome Gold Mines were introduced in our previous quarterly commentaries. During July we also initiated a position in Bellway (the UK housebuilder), which we look forward to discussing in more detail in our next quarterly in October.

You can find our usual factsheet here.