We believe many of the companies we own have and continue to skillfully navigate the pandemic due to their sound fundamentals and profitability.
We focus on companies with strong balance sheets that we believe can fund their own growth in any environment.
Many forward-thinking companies took the opportunity to increase their competitive advantage amid COVID-19.
We believe identifying and owning exceptional businesses will drive significant absolute and relative returns over the long run.
We much prefer aligning our clients with businesses that we believe have favorable long-term earnings power rather than getting wrapped up in short-term trades.
Our Portfolio has delivered much stronger earnings growth than the Index, which has supported our strong investment returns.
Our focus remains on positioning the Portfolio for superior long-term earnings growth rather than shorter-term market preferences.
We remain confident that the Portfolio owns a collection of competitively advantaged companies that are well-positioned to structurally grow their businesses over the next decade.
One year after the onset of the pandemic, we remain very excited about the results the Portfolio companies continue to deliver.
Short-term rotations have no bearing on how we invest. We believe long-term returns will ultimately reflect the long-term growth of cash flow and earnings of our companies.