It's incredible to think we are wrapping up yet another year! This one has been special, not just for the quality of returns, but for the depth of rhythm the F&A practice has entered in to. We deeply value our special relationships with each of you, and it gives us great satisfaction to deliver on the trust you have placed in us!

In investments, it is very seldom that the portfolio manager and the investor experience the same return figures. We’re going to explore two ways to measure performance and unpack where the portfolio manager’s responsibility starts and ends. Spoiler: investor composure is only part of the story.

In investing, uncertainty is often cast as the villain. It unsettles markets, shakes confidence, and tempts us to retreat to the safety of cash. But this view misses a fundamental truth: uncertainty is not the enemy—it is the very condition that makes reward possible.