Update from the CIO

Welcome to the CIO blog

Weaker global markets (S&P down 3.1%; Nasdaq down 3.9%), and Trump tweets and tariffs all weighed heavily on investors minds this week. Yesterday we reported an NTA of $3.09. With the big selloff in the US market last night, obviously our NTA is lower again.

The only change to our portfolio last week was a further selldown of Bandai Namco (7832.JP). The stock was named as an inclusion in the Nikkei 225 as at August 1, and rallied strongly into this. This position has realised just over 30%, which includes a favourable FX gain, given the appreciation in the Yen.

We are now only 3 months away from our next Sohn Hearts & Minds Conference, where we will hear from some new, and some returning fund managers who will pitch their highest conviction idea to the audience. Most, if not all of these ideas will be invested into the portfolio.