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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Stone Sentinel Capital's concentrated value approach delivered 45.3% YTD returns by screening 80,000 stocks to find 5-6 high-conviction positions. Current focus on undervalued Asian construction and infrastructure plays including Hong Kong's Able Engineering at 6x earnings and Malaysia's Protasco at 2.4x PE, both offering substantial upside despite real estate and competitive risks."
Stone Sentinel Capital delivered 45.3% year-to-date returns versus 14.8% for the S&P 500, employing a concentrated value strategy that screens 80,000 global stocks to select just 5-6 positions. The fund targets at least 10% excess annual returns over the long run through a philosophy of practical wisdom that balances conviction with adaptability. Current holdings span Hong Kong, Malaysia, Spain, and the United Kingdom, with recent additions including Able Engineering Holdings, a Hong Kong construction company trading at 6x earnings despite double-digit growth, and Protasco, a Malaysian micro-cap conglomerate trading at 2.4x PE with substantial asset value. The manager emphasizes certainty above all, selling positions at the moment of uncertainty to minimize losses and preserve resources for better opportunities. Key risks include Hong Kong office market weakness affecting Able's real estate holdings and competitive intensity in various sectors. The portfolio benefits from catalysts including China's Greater Bay Area integration plans and potential recovery in Hong Kong commercial real estate markets.
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