February Comment


The last couple of weeks have offered some respite from the torrid start to the year. Many of the core positions in our portfolios have rebounded substantially as we would expect given our focus on the quality and value of the companies we invest in.
This month I met with Paul Bulcke, the CEO of Nestlé and had a particular vantage point from which to see the growth and value a company like Nestle can generate. Nestlé has an annual lunch in London to which the senior management team invites a small number of its largest and longest-standing shareholders for a discussion about the company’s results and its plans for the coming years. We have been fortunate enough to have been invited to this select group for the past ten years. It is extremely helpful to understand where Paul Bulcke is taking Nestlé and to increase our conviction in its potential for value creation.

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