Letter to Shareholders: Value Equities Q1 2013

In our last letter, we noted our expectations for 2013: that investors’ risk appetites would gradually return and become more discerning, lifting global stock markets generally.

We tentatively hoped that increased stock picking, supported by M&A activity, would prompt a renewed focus on fundamentals, benefiting our classic value style. The first quarter has been reasonably supportive of those expectations.

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