Henry Viola-Heir

The first half of 2026 was less about discovering new investment opportunities and more about developing my approach to the stewardship of capital. I exited several long-term positions as my conviction deteriorated, reallocated capital towards higher-quality compounders and introduced a more deliberate framework for portfolio construction. Some of these decisions were prompted by changes in

Scores on the doors…drumroll please…the portfolio this year has return to form with a very pleasing 25.6% return and a 3.9% dividend yield. This has been the best year on record although as a friend pointed out, it was definitely a year to be overweight UK equities with the FTSE strongly outperforming the S&P 500.

A new learning from an old lesson. A 0.5% position can treble in value and your bottom line will barely move. If the same thing happens to a 5% position, you’ll be dining out for weeks. Your job as a portfolio manager is to react to reality, not cling onto faint hopes. In the third

What a six months it’s been! I can hardly believe we’re already in July after what seems like a non-stop whirlwind of events – both personal and geopolitical. We’ll start with the good news, being that in June of this year I officially became the Senior Bid Manager in my team, taking over from a