June 2022 Quarterly Newsletter

In this quarterly edition we review SFML performance, attribution, ESG and company results from the May reporting season. Our lead article focuses on the recession fears plaguing markets today. We then move onto the critical juncture businesses face before small can become big, before discussing the attributes of what Jim Collins describes as 10Xers and profiling two portfolio holdings that fit the bill. This quarter also saw us travel to Korea and Japan, visiting the international operations of two core holdings. To conclude, we profile a new portfolio holding WiseTech Global, a business with considerable long-term potential.