LetterAugust 2026
The cost of being early
Positioning ahead of a turn feels prudent and reads as underperformance for quarters at a time. We explain why we accept that trade, and where we have not.
Insights
Written when we have something to say.
No daily commentary. A quarterly letter, occasional notes when positioning changes, and the committee minutes in full.
S&P 500
5,612.44
+0.42%
Nasdaq
18,317.60
+0.78%
FTSE 100
8,214.05
−0.16%
10Y Treasury
4.21%
−0.03%
NoteJuly 2026
Duration is a decision, not a default
A bond ballast sized to spending needs behaves very differently from one sized to an index. A short walk through our current maturity ladder.
MinutesJuly 2026
Committee minutes, Q3 allocation review
Two dissents recorded on the private markets sleeve. Both are published in full, as is our habit.
LetterApril 2026
Concentration without conviction is just risk
Why we cap single-name exposure at 6% even where the thesis is strongest, and what that has cost us over twenty years.
NoteMarch 2026
Gold, insurance, and the price of sleep
Real assets are not a return engine in our mandates. They are a premium paid, deliberately, against outcomes we cannot forecast.