Over time, we have written various reports to investors within which we detailed our thought processes around individual investments the fund holds (or held at the time of writing). Following are the links to these individual position notes; we regard this history as illustrative of our investment process.

May 2010 Japan

June 2011 Churchill Downs (us_ CHDN)

Dec 2011 Semgroup (us_SEMG)

Dec 2011 Bankunited (us_BKU)

Dec 2012 The Wendy Company (us_WEN)

Dec 2012 Australian Regulated Utilities

Apr 2013 Calpine (us_CPN)

Jan 2014 European Airports

Jan 2015 Whole Foods Market Inc (us_WFM)

Jan 2015 Saft Groupe SA (enxtpa_ SAFT)

Jan 2017 Topps Tiles (lse_ TPT)

Jan 2017 Akzo Nobel (enxtam_ AKZA)

July 2020 Fedex Corp (us_ FDX)

July 2020 Qube Holdings Ltd (asx_ QUB)

Yes or no?