March 2022 Quarterly Newsletter

In this quarterly edition we review SFML performance, attribution, ESG and company results from reporting season. In our lead article, we provide a view on the macroeconomic backdrop while reiterating our investment philosophy. We then highlight the importance of maintaining reinvestment consistency and provide examples across the portfolio. Our investment philosophy is fleshed out further across a series of three short articles; “Three buckets - keeping things simple”; “Why point in time investing fails the test of time”; and “Surprises = normal”. We travel for the first time in two years and detail our trip to the U.S. visiting James Hardie Industries. We finish with ESG by reviewing Aristocrat Leisure’s 2021 sustainability report.