Unitholder Letters

SaltLight Worldwide Flexible Fund – Investor Letter 3Q23

In the dramatic theatre of business, relentless motion and constant change make an exhilarating narrative. At SaltLight, we approach investing as a serene nature documentary filled with patience and thoughtful observation. In our view, frequent portfolio reshuffling is not a badge of honour, but rather restlessness. Each portfolio adjustment is a step into murky water, exchanging the known for the unknown, and as such, we set a high threshold for action.

SaltLight SNN Worldwide Flexible Fund – Investor Letter 2Q23

Instead of melodies and rhythms, our composition unfolds on a different stage. We see ourselves as treasure hunters, sifting through a vast terrain, discovering hidden opportunities, and appraising their potential for reward. Over time, as we collect these coarse rocks, we observe, adjust, and refine our approach

SaltLight SNN Worldwide Flexible Fund – Investor Letter 1Q22

For us, these turbulent periods are somewhat cathartic for our investment process. Investing mistakes are usually made in the ‘good times’ when the price one pays can diminish the returns on even the most wonderful businesses because future price expectations are based on a hopeful set of outcomes rather than probabilistic realism.