Why we report every holding, every quarter

All 38 holdings, every quarter, by name and by weight. Why full disclosure makes us better managers.

38

holdings listed in full in every quarterly letter

Every quarterly letter lists all 38 holdings by name, with the weight of each one. Most managers publish their top ten and leave the rest to guesswork.

We started doing this in 2009, the year the firm opened. Clients who can see everything ask better questions, and we have to give better answers.

If a holding is in the portfolio, it is in the letter. If we sold it, the letter says why.

A partner’s desk with letters and a pen, St Paul’s and the City at dusk beyond

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Ledger & Co.

14 Hanover Square, London W1S 1HP

Authorised and regulated. Capital at risk. Past performance is not a guide to future returns.