“Judges Scientific is another great business that is recovering from a temporary slowdown. The company is a serial acquirer of niche scientific instrument businesses in the UK and has delivered 20% ret”
“A new investment made this quarter. Serial acquirer of niche scientific instrument businesses in the UK. Has delivered 22% returns on incremental capital for 20 years and 25% p.a. shareholder returns.”
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.