Portfolio Update September 2025

"If you have a company’s latest annual report and its current share price you have all the information you need to invest profitably" — Phil Oakley

Dear Reader,

September has been one of the busiest buying months for the portfolio so far, but also one of the most important for reflection. In times of market uncertainty, it’s critical to separate short-term noise from long-term conviction. This month we doubled down on several holdings that we believe are well-positioned to deliver both income and capital growth over the years ahead.