Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2023
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2023 |
|---|
| 21.5% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2023 |
|---|
| 21.5% |
Canterbury Tollgate returned 21.5% in 2023, driven primarily by core holdings Meta, Amazon, Dropbox, and GoDaddy, with contributions from U.S. treasuries offset by losses from Icahn Enterprises. The manager emphasizes the philosophy of patient, long-term investing, drawing heavily on Charlie Munger's wisdom about the importance of sitting tight with quality compounders. The letter warns against the silent killer of selling compounding machines too early, which the manager identifies as a bigger mistake than losing money on poor investments. The discussion centers on the difficulty of maintaining conviction during periods of negative news flow and market volatility. The manager advocates for a seamless risk transfer approach, requiring honest intermediaries throughout the investment chain. While acknowledging that both luck and skill play roles in investment success, the manager emphasizes the importance of identifying superior operators and maintaining patience with quality businesses over extended time horizons.
Focus on holding high-quality compounding businesses for the long term while avoiding the silent killer of selling winners too early.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2024 | 2023 Q4 | AMZN, DBX, GDDY, META | Compounding, long-term, Patience, technology, value | - | Canterbury Tollgate returned 21.5% in 2023 led by Meta, Amazon, Dropbox, and GoDaddy. The manager emphasizes Charlie Munger's wisdom about patient capital and avoiding the silent killer of selling compounding businesses too early. The letter advocates for long-term holding periods and warns against the temptation to trade quality positions during market volatility. |
| Mar 22 2023 | 2022 Q4 | MS, TSN | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2023 Q4 |
AIThe manager explores ChatGPT's capabilities for generating bedtime stories and solving writer's block, noting its ability to synthesize and produce writing that emulates respected authors. However, he observes that AI lacks the capacity to produce unique insight and cannot be expected to provide accuracy when answers diverge from conventional wisdom. |
ChatGPT Artificial Intelligence Writing Synthesis Automation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| META | CTG Fluxion increased by 21.5 percent in 2023. This was driven largely by our core holdings—Meta, Amazon, Dropbox, and GoDaddy. |
| AMZN | CTG Fluxion increased by 21.5 percent in 2023. This was driven largely by our core holdings—Meta, Amazon, Dropbox, and GoDaddy. |
| DBX | CTG Fluxion increased by 21.5 percent in 2023. This was driven largely by our core holdings—Meta, Amazon, Dropbox, and GoDaddy. |
| GDDY | CTG Fluxion increased by 21.5 percent in 2023. This was driven largely by our core holdings—Meta, Amazon, Dropbox, and GoDaddy. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||