The Fund 1 returned approximately 15% in the fourth quarter, bringing the full year returns to approximately 51%. Returns will vary by fund and investment class, so please check your statements for your actual returns. Our Q2 letter was themed around being “one day closer.” I wrote, “I believe that with each passing day we are ‘one day closer.’ These improvements will not always be reflected in share prices, and many times progress will not be linear, but time is the friend of a strong management team, and time is the friend of the competitively advantaged businesses.