‘In a quarter marked by heightened geopolitical tensions and continued policy uncertainty—particularly around shifting U.S. trade dynamics—we remained focused on active, benchmark-agnostic investing. We selectively added high-conviction names from our watchlist, taking advantage of attractive valuations and temporary dislocations. We also trimmed or exited positions where, in our view, the macro environment had materially weakened the investment case and redeployed capital into more compelling opportunities.
The careful refinement of the portfolio has culminated in a deliberate and focused consolidation into 29 high-conviction holdings—companies we believe are best positioned to deliver sustainable, long-term growth. This portfolio is testament to our continued focus on high-quality businesses with deep moats and a strong orientation toward innovation.’