2025 Half-year investor letter
We are delighted to share our first half-yearly update for the Canopy Global Small and Mid-Cap Fund with you.
There is no substitute for quality
"Quality counts. If you are a long-term investor, it’s hard to find a more important factor as to what will power your ultimate investment returns. That said, quality is impossible to measure with precision because it often embodies more subjective qualitative factors than easily quantifiable measurements. Quality is also dynamic and changes over time".
Tom Gayner, CEO Markel
Fish where the fish are
“The first rule of fishing is 'fish where the fish are', and the second rule of fishing is 'don't forget rule number one'. And in investing it's the same thing. Some places have lots of fish, and you don't have to be that good a fisherman to do pretty well. Other places are so heavily fished that no matter how good a fisherman you are, you aren't going to do very well”.
Small caps at historic valuation discount even after recent outperformance
In July, U.S. small-cap stocks outperformed their large-cap counterparts by a historically significant margin, catalysed by a cooler-than-expected US inflation read.
Canopy Investors strengthens team with appointment of Jack McManus
Canopy Investors is delighted to announce the appointment of Jack McManus as Portfolio Manager.
Bennelong partners with Canopy Investors to launch global small & mid-cap fund
Bennelong Funds Management has partnered with boutique investment managers Canopy Investors to launch a global small and mid-cap equities fund.