Dear Partner,

Fall has arrived! Fall is my favorite season in Western New York, with its football, cider, pumpkins, and corn mazes. I trust you and your family are enjoying the fall and the great colors the season brings.

The fund has underperformed the international benchmark (MSCI ACWI ex-US) over the last quarter, declining by 5.0%, while the index gained 1.3%. The fund underperformed the emerging market benchmark (MSCI EM Index), which declined by 1.0%. The decline was primarily due to our exposure to emerging markets, which is currently around 75% of the portfolio, and to the continued underperformance of developed market holdings such as Telecom Italia, discussed below.

Full letter below for subscribers:

This content is exclusively for paying members. Access all of our top quality content by signing up below.

If you are subscribed and are having an account error, please clear cache and then cookies if that does not work email [email protected] and we will get back to you as quick as humanly possible.

Register New Account

Choose your membership level

Choose Your Payment Method

Not found