In February, we stuck to our process of unearthing quality businesses led by well-incentivised management teams and began accumulating a new position that we expect will re-rate substantially when the investing community wakes up to the story. Capital H is generally looking for stocks that the investing community either has never heard of or completely misunderstands and thus undervalues. As a result, the performance of these stocks has relatively little correlation to the overall market and our fund didn’t see the transition from growth to value stocks reflected in our performance, ending February largely where it started. There are always opportunities, regardless of market conditions.



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