Insights

"The investor's chief problem — and even his worst enemy — is likely to be himself." Benjamin Graham, 1949

In 4D’s 2025 January Outlook we discussed what the year ahead could bring. Reflecting upon the risks and opportunities we highlighted, and the events of the last six months.

We’re pleased to share our annual letter for the fiscal year ending 30 June 2025, representing the Fund’s first full year of operation.

This is the 19th edition of our Trip Insights series, where we share our travel experiences and on-the-ground perspectives from our company meetings and regional visits. It follows a recent research trip by Sarah Shaw, Global Portfolio Manager, and Tasneef Rahman, Senior Investment Analyst, through Spain, Italy, Switzerland, Germany, France, England and Scotland.

Deep-dive company research is central to Quay’s investment process. This month we unpack six key themes – both emerging and ongoing – that stood out from over 30 in-person meetings with prospective and existing investees across Europe, the UK and the US.

In our 2025 Outlook piece, one of the main themes we were monitoring was elevated geopolitical risks. Among these risks, an oil price shock was flagged as having one of the highest likelihoods.

It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong. George Soros (quoted by Stan Druckenmiller), The New Market Wizards: Conversations with America’s Top Traders, 1994

What’s happening in the bond market? We have some thoughts.

With quarterly results now in for most of the companies we follow, we’ve compiled the latest Canopy Highlights—insights from our global research.