The fourth quarter of 2024 saw high levels of volatility in the market. The short-lived enthusiasm following the US elections was followed by pessimism after hot inflation numbers caused the Federal Reserve to adjust their interest rate cut projections for 2025 downward. We typically play company and industry specific growth or turnaround stories that are overlooked by the market. Many of our investments worked out as expected, with a total of 10 companies contributing more than 1% to our performance. This contrasts with 3 companies that detracted more than 1% from our performance.
