Recovery after a tough start

Q1 2016 Letter to Shareholders - Value Equity:
It’s been a volatile start to the year. Many questions remain, and such periods of uncertainty are never relaxing. The world is still working to find a foothold for growth and inflation. We are encouraged by the rally in February and March, and by the increased levels of M&A activity that our holdings have experienced lately.


Our mission is to deliver the best long-term performance with a strong emphasis on risk. Based on a systematic and objective approach to investment - and a great commitment.


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