Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th September 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 18.59% | - | -0.17% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 18.59% | - | -0.17% |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 2 2025 | 2025 Q3 | ABG, CAAP, CCI, CHE, CHTR, CIGI, CM, DRI, FN, GPI, IESC, PBR, RLI, SNEX, SSD, TD, TRV, TTC, UNH, XOM | Hedges, Long/Short, Quality, Shiller PE, small caps | - | LRT focuses on a systematic long/short approach anchored in high-quality companies trading amid extreme market valuations. The manager highlights elevated index multiples and the opportunity… |
| Jul 9 2025 | 2025 Q2 | - | Compounding, equities, Quality, value | - | - |
| May 2 2025 | 2025 Q1 | - | - | - | - |
| Jan 6 2025 | 2024 Q4 | AAPL, TSLA, WMT | - | - | - |
| Oct 2 2024 | 2024 Q3 | - | - | - | - |
| Jul 3 2024 | 2024 Q2 | - | - | - | - |
| May 21 2024 | 2024 Q1 | - | - | - | - |
| Aug 1 2024 | 2023 Q4 | - | - | - | - |
| Apr 10 2023 | 2023 Q3 | - | - | - | - |
| Mar 7 2023 | 2023 Q2 | - | - | - | - |
| Apr 30 2023 | 2023 Q1 | - | - | - | - |
| Sep 1 2023 | 2022 Q4 | - | - | - | - |
| May 10 2022 | 2022 Q3 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
Long/Short |
|
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position | |
ValuationAI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. |
Premium Divide Discipline Stretched Reasonable | |
| 2025 Q2 |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| CHTR | Weakest performers included Charter Communications (-24%) |
| DRI | We also rotated our positioning in the restaurant space by eliminating McDonald's and adding Darden Restaurants and Starbucks. |
| FN | Fabrinet Information Technology 1.6 |
| GPI | Other poor performers included the auto dealers - Group 1 Automotive (down 10.0%) and Autonation (down 5.6%), as well as Universal Music (down 8.6%) There was no disturbing news we can point to. They all remain large portfolio positions. |
| RLI | We bought specialty insurance company, RLI Corp. (RLI) during the quarter. We believe RLI is differentiated by their expertise in niche areas of the market and their disciplined underwriting focus. They are one of the best underwriters in the U.S., having generated direct underwriting profits for 29 consecutive years across different economic environments. Currently, earned premiums for their Property segment are falling as RLI walks away from unprofitable business in a softening market. Combined ratios in their Casualty business have also increased due to inflationary pressures. While these factors are near-term headwinds, we believe RLI's disciplined underwriting approach positions the company to successfully navigate this cycle and sustain healthy earnings growth over the long term. |
| SNEX | For the year, Iradimed (IRMD), Artivion (AORT), Willdan (WLDN), StoneX (SNEX) and Sanmina (SANM) all contributed greater than 100bp of return for the year. |
| SSD | Simpson Manufacturing is a leading building products company focused on connectors, truss plates and fasteners used in residential construction. With a dominant share in its core markets, attractive margins and opportunities to expand into adjacent categories, Simpson has steady compounding potential over time, in our view. |
| TRV | In the fourth quarter, the Fund initiated a position in Travelers (TRV), once a long-time holding of the Fund, as the company has proven its data and operational excellence has helped it develop a long-term competitive advantage in the insurance carrier space. The company has navigated several difficult elements in the past five years, and its improving profitability profile led to our confidence in re-establishing a position. |
| UNH | We also added back a full position in UnitedHealth |
| XOM | BAC, JNJ, JPM, and XOM were held in Miller/Howard portfolios as of December 31, 2025. |
| 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 | |||