September 2023 Quarterly Newsletter

In this quarterly, we discuss reporting season, profile the long-term financial sustainability of a range of holdings in our article “Mind the Gap” and review our site visit to carsales’ U.S. and Brazil operations. We then discuss China’s property woes and the likely longer-term consequences. Four-wheel drive equipment manufacturer ARB unveiled its new Earth Camper during the quarter, and we provide some comments following our visit to the NSW launch. We conclude with a review of Domino’s Pizza Enterprises Environmental Social and Governance (ESG) initiatives.