Half-year letter: why we sold nothing in June

We did not sell a single position in the first half of 2026. That was not a lack of attention. Every one of our 38 holdings was reviewed against the case we wrote when we bought it, and every case still held.

Markets fell 9% between March and May, and several clients asked whether we should reduce risk. Our answer was the one we gave in 2020 and 2022: we sell when a business changes, not when its price does.

We added to four existing holdings in May, funded from cash. The full list, with weights and the reason for each change, is in the letter we sent to clients on 7 July.