Two ways.
Internally, we target inflation plus 5% over the long run. That’s the real return we think a concentrated, values-aligned equity strategy should be capable of generating over a full market cycle. It’s a number grounded in what markets have historically delivered to patient investors — not a number chosen to look impressive on a fact sheet.
Externally, we report returns against the MSCI ACWI, a global index of the world’s largest publicly traded companies. We use this benchmark not because we’re trying to beat it, but because it’s an honest representation of what you’d get in a broadly diversified global portfolio. Showing the gap — and explaining it — is more useful than picking a benchmark that agrees with us by construction.
Our 1% annual fee is reflected in reported results. We don’t report gross-of-fees numbers and footnote the fee separately.
The Growth strategy has gone through periods of meaningful underperformance and meaningful outperformance. Both are part of the deal with a concentrated approach. What we can tell you is why we own each position and what would need to change for us to exit it.
Investment strategies involve risk of loss. Past performance does not guarantee future results. Returns are reported net of advisory fees.