Regarding the enhanced performance, we haven’t made very significant changes. We have followed the standard template: buy head-winded or value businesses, and then over a period of time wait for tailwinds to reappear. We supplement this by maintaining a strict valuation discipline; ensuring we reduce exposure or exit the position when valuation multiples more than adequately reflect that the turnaround or value discovery of that business is close to complete.
NY Fed’s John Williams flags need to gather more information on inflation risks before rate decisions
Federal Reserve officials John Williams and Alberto Musalem have flagged persistent inflation risks, with rapid AI infrastructure investment potentially adding to price pressures. Williams backed
November 6, 2026