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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"YCG owns global champion businesses with permanent competitive advantages that have compounded earnings at 13.9% annually but now trade at a historic discount as capital floods into AI infrastructure. The manager views the $388 billion AI build-out as history's largest capital rush destined to follow patterns where investors lose money."
YCG Wealth Management argues that quality businesses with durable competitive advantages represent a compelling opportunity as the market reaches historic valuation extremes and concentration levels. The S&P 500 trades at its second-highest Shiller CAPE ratio in history, with all 12 valuation metrics registering as expensive or very expensive. Market concentration has reached unprecedented levels, with the top ten holdings comprising 41% of the index and more than half tied to AI. The manager views the $388 billion AI infrastructure build-out in 2025 as the largest capital rush in history, likely to follow historical patterns where transformative technologies succeed but investors who fund the build-out lose money. YCG's portfolio of businesses with permanent supply constraints has compounded earnings at 13.9% annually since 2015 but now trades at a 6% discount to the S&P 500 versus a historical 27% premium. The manager believes this represents the most compelling setup for quality businesses since the firm's inception, with patient capital positioned to benefit when the market returns to valuing durable, predictable growth.
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