The first half of FY2017 has certainly delivered some unexpected outcomes - Donald Trump's election as the 45th President of the United States and the following positive market reaction stunned the world. Amidst the resulting volatility in bond and equity markets lies a wealth of opportunity for those who care to look for it. While we have long been a proponent of value investing, and it certainly is nothing new, others are now just catching on as it enters a new era. In our Letter to Investors, we discuss the benefits and implications of a value investing approach. (VIEW LINK)