1Q2022 – International Growth Commentary

We think and behave like rational business owners using a repeatable, time-tested investment approach

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  • While we monitor daily stock-price movements, we maintain a long-term view and believe we own a concentrated collection of high-quality businesses that can stand the test of time, regardless of what happens in a given quarter.
  • For investors worried about inflation, we believe the Portfolio offers an alternative to commodities and cyclical exposures that, in our minds, carry inherent and outsized investment risk.
  • Short-term rotations have no bearing on how we invest – except to offer us opportunities to buy our favored companies when we believe they are attractively priced.
  • The top absolute contributors to the Portfolio’s performance during the first quarter included Aon, Medtronic, and Wal-Mart de México. The most significant detractors from performance included ICON, Evolution AB, and Sage Group.
  • We initiated a position in Shenzhou International Group, while exiting Nestlé during the quarter.

Read the full commentary & disclosures here →