Short Illustration – September 2016

Volatility picked up in September and we used the market swings to continue adding to our portfolio. We are extremely sensitive to valuation and maintain high standards for adding new and existing positions. A volatile flat market like the one we experienced in September plays to Somar’s strengths. Virtually all of our performance in September […]

Secular Change – August 2016

Secular Change As we move forward we would like to provide you with more details about our portfolio. We prefer to discuss individual positions close to the time of harvest. We do this to avoid a common pitfall that humans tend to fall into while analyzing complex situations: commitment and consistency. To say it another […]

Uncertainty and Risk – July 2016

During the month we continued to take advantage of the market dislocation to build our portfolio with investments at highly attractive risk-rewards. A large proportion of these businesses reported in the second half of the month and we were pleased with each company’s evolution and its prospects for continued value creation. This leaves us extremely […]

Market Volatility – June 2016

Markets were highly volatile during the month in response to the buildup and outcome of the Brexit vote. The volatility and market dislocation opened opportunities for us to start building our portfolio at very attractive valuations.