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.