Unfortunately, we can't publish the whole Boyles Fund Q3 letter due to compliance reasons but here's an extract and commentary on some positions:

Dear Partners,

Our slightly negative performance during the quarter was driven largely by a meaningful decline in our largest holding. Our cash balance has also begun to move back up, as we exited a smaller position and received some dividends during the quarter. We discuss this and other holdings in more detail throughout this letter.

On the idea front, most of the interesting companies we’ve found to research continue to be located outside of the United States. Brexit in the United Kingdom, while starting to meaningfully impact consumer behavior, is generating a valuation climate more conducive to capital deployment. Perhaps hard to appreciate externally, we would actually describe the underlying level of research activity and idea generation during and subsequent to the quarter to be strong. And while we haven’t been actively purchasing shares to any great degree, some of the companies we’ve been following for years, including names already in our portfolio and a few new ideas, are nearing our buy prices. We stand ready to oblige Mr. Market, should he decide to sell to us at those prices.

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