Insights
Letters to clients, published in full.
Every quarter a partner writes to clients about what we bought, what we sold and why. Here is every letter.
Jul 2026
Half-year letter: why we sold nothing in June
We reviewed all 38 holdings in the first half and every case still held. Here is why that meant selling nothing.
6 min
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Apr 2026
On concentration, and the risk of owning everything
Ten holdings make up 61% of the portfolio. Why we choose to know a few businesses well over owning everything.
8 min
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Jan 2026
Annual review 2025: the numbers, unedited
Our flagship balanced mandate returned 9.8% in 2025, net of fees. The full review, with nothing smoothed or left out.
12 min
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Oct 2025
Why we report every holding, every quarter
All 38 holdings, every quarter, by name and by weight. Why full disclosure makes us better managers.
5 min
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© 2026 Ledger & Co.