The holdings page is the most-visited part of the site, and the part most often asked about. A few notes on how we think about it.
The list is short on purpose
There is no commercial reason to lengthen it. We hold a small number of businesses because that’s what the capital base supports and because attention is the real constraint. A longer list would imply we were spreading thinner — we aren’t, and we have no intention of doing so.
It changes slowly
The page may go a year without change. That is normal. We aren’t running a fund with a turnover target.
When the page does change, it’s usually because the firm has either added a position with the intent of holding it for a long time, or — far less often — exited one. Either way, the change will be reflected when it’s done, not when it’s contemplated.
What we disclose
Each entry shows the name, sector, status, and a short summary. We deliberately don’t publish:
- Cost basis
- Current valuation
- Ownership share, beyond a broad band
- Internal governance arrangements
Some of those are commercially sensitive. Some are simply nobody’s business outside the relevant parties. We share what is useful for understanding what the firm does, and no more.
How to read it
The status field is the most informative. Controlling Interest and Majority-Owned both indicate active involvement; Minority Interest means we’re a passive backer of an operator we trust. The summary describes the business in our words, not theirs.
If you want a more current view than the page can offer, the News section is the place to look.