Update from the CIO

Today we posted an NTA of $3.04, down slightly from last weeks $3.07. We expect the October month end number to be very similar. The share price rallied to close at $3.13 on Friday, part in response I suspect to our announcement of intention to add a new manager to our Core portfolio, that being TDM Growth Partners.

With the US reporting season in full swing, the last week saw quite a few of our companies release numbers. Whilst most were pleasing, a couple failed to meet investor expectations, and the share prices reacted accordingly. This is going to happen from time to time, but we believe that by only holding the highest conviction ideas of the top managers, we will be on the positive side of the ledger more often than not. Some of our managers are a bit nervous about the state of global markets right now, and they can (and indeed have) taken the opportunity to book some extremely impressive gains in the conference stock side of the portfolio. This money will now remain in cash until the next Sohn Hearts & Minds conference on November 22, which is less than 3 weeks away.

Have a great week.