LAM 2022 Global Review Letter
The Global Value portfolio outperformed the MSCI World index by 290 bps in 2022. For the first three quarters of the year, the portfolio was slightly behind the index, before surging in the fourth quarter, with a +15.1% return, compared to +9.8% for the MSCI World.
LAM 2021 Global Review Letter
We had a good year, beating both the World and World Value Indices by around 100 bps, and we continue to think we are still in the early stages of a value upcycle
LAM 2020 Global Review Letter
The pandemic tested our mettle, but our strategy and the companies in our portfolio navigated well through the volatile environment. We seek to own attractive businesses at attractive valuations, and this discipline helped us manage through a challenging time with confidence.