The Fund continues to chug steadily along

June 2025

It’s not often that Sun Tzu and Dolly Parton are compared, but that is the (perhaps ill-advised) opening to our latest quarterly.

The Fund continues to chug steadily along, rising in each of the first two quarters of the year, and up 6% year to date. Led by stocks such as Youngone in South Korea, Sky Television in New Zealand, M6 Metropole in France and Admiral in the UK, the Fund appears well positioned for the future. As mentioned in the quarterly commentary: “the Fund is exposed to parts of the market that haven’t led in the last decade but may well lead in the next: not expensive, not U.S., not tech and not leveraged.”

The latest fund factsheet can be found here.