Shareholder Letters

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Shareholder Letter Q3 2024

Shareholder Letter for 3rd Quarter Highlighting our Gemba Projects

Download now file_download 30/09/2024

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Shareholder Letter Q2 2024

Shareholder Letter for Q2 of 2024 Highlighting Manitowoc

Download now file_download 28/06/2024

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Shareholder Letter Q1 2024

Shareholder Letter for Q1 2024 Highlighting Cognex

Download now file_download 28/03/2024

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Shareholder Letter Q4 2023

Shareholder Letter for Q4 of 2023 Highlighting our Company Visits

Download now file_download 29/12/2023

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Shareholder Letter Q3 2023

Shareholder Letter for Q3 of 2023 Highlighting Lumen

Download now file_download 29/09/2023

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Shareholder Letter Q2 2023

Shareholder Letter for Q2 of 2023 Highlighting Lumen

Download now file_download 30/06/2023

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Shareholder Letter Q1 2023

Shareholder Letter for Q1 of 2023 Highlighting GE

Download now file_download 31/03/2023

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Shareholder Letter Q4 2022

Shareholder Letter for Q4 for 2022 Highlighting Lean

Download now file_download 30/12/2022

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Shareholder Letter Q3 2022

Shareholder Letter for Q3 of 2022

Download now file_download 30/09/2022

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Shareholder Letter Q2 2022

Shareholder Letter for Q2 of 2022 highlighting our long term holding, Manitowoc MTW

Download now file_download 30/06/2022

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Shareholder Letter Q1 2022

Shareholder Letter for Q1 of 2022 highlighting our long term holding, Cognex (CGNX)

Download now file_download 31/03/2022

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Shareholder Letter Q4 2021

Shareholder Letter for Q4 of 2021

Download now file_download 29/12/2021

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Shareholder Letter Q3 2021

Shareholder Letter for Q3 2021

Download now file_download 28/09/2021

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Shareholder Letter Q2 2021

Shareholder Letter for Q2 of 2021 Highlighting Lumen

Download now file_download 30/06/2021

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Shareholder Letter Q1 2021

Shareholder Letter for Q1 of 2021 Highlighting St. Joe

Download now file_download 31/03/2021

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Shareholder Letter Q4 2020

Shareholder Letter for Q4 of 2020

Download now file_download 31/12/2020

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Shareholder Letter Q3 2020

Shareholder letter for Q3 of 2020

Download now file_download 05/08/2020

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Shreholder Letter Q2 2020

Shareholder Letter for Q2 of 2020

Download now file_download 30/06/2020

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Shareholder Letter Q1 2020

Shareholder Letter for Q1 of 2020 discussing market volatility in times of crisis

Download now file_download 01/04/2020

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Shareholder Letter Q4 2019

Shareholder Letter for Q4 of 2019 Highlighting GE

Download now file_download 31/12/2019

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Shareholder Letter Q3 2019

Shareholder Letter for Q3 of 2019 Highlighting Several of our Investments

Download now file_download 30/09/2019

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Shareholder Letter Q2 2019

Shareholder Letter for Q2 of 2019 Highlighting the Fund's investment in Manitowoc Cranes (MTW)

Download now file_download 30/06/2019

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Shareholder Letter Q1 2019

Shareholder Letter for the Q1 2019 highlighting the fund's investment in YRCW

Download now file_download 28/02/2019

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Shareholder Letter Q3 2018

Shareholder Letter for Q3 of 2018 highlighting our investment in The Container Store (TCS)

Download now file_download 01/10/2018

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Shareholder Letter Q2 2018

Shareholder Letter from Q2 of 2013 highlighting the philosophy used in the fund's investments

Download now file_download 01/07/2013

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Shareholder Letter Q1 2018

Shareholder Letter for quarter 1 of 2018 highlighting our investment in SEI.

Download now file_download 28/02/2018

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Shareholder Letter Q4 2017

Shareholder Letter for Q4 of 2017 highlighting our investment in St. Joe (JOE)

Download now file_download 10/11/2017

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Shreholder Letter Q3 2017

Shareholder Letter for Q3 of 2017 highlighting our investment in Costco Corporation (COST)

Download now file_download 31/08/2017

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Shareholder Letter Q2 2017

Shareholder Letter for Q2 of 2017 on our investment in TSYS (TSS)

Download now file_download 30/06/2017

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Shareholder Letter Q1 2017

Shareholder Letter for Q1 of 2017 on our investment in Herman Miller (MHLR)

Download now file_download 28/02/2017

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Shareholder Letter Q4 2016

Shareholder Letter for Q4 of 2016 on our investment in Whole Foods (WFM)

Download now file_download 28/11/2016

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Shareholder Letter Q3 2016

Shareholder Letter for Q3 of 2016 on our investment in Cognex Corporation (CGNX)

Download now file_download 30/09/2016

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Shareholder Letter Q2 2016

Shareholder Letter for Q2 of 2016 on our investment in Rogers Corporation (ROG)

Download now file_download 30/06/2016

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Shareholder Letter Q1 2016

Shareholder Letter for Q1 of 2016 highlighting our investment in Level 3 (LVLT)

Download now file_download 29/02/2016

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Shareholder Letter Q4 2015

Shareholder Letter highlighting our investment in Colfax (CFX)

Download now file_download 30/11/2015

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Shareholder letter Q2 2015

Shareholder Letter for Q2 of 2015 highlighting our investment philosophy

Download now file_download 30/06/2015

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Shareholder Letter Q3 2014

Shareholder Letter for Q3 of 2014 comparing 2009 market conditions with 1974 market conditions

Download now file_download 30/09/2014

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Shareholder Letter Q1 2014

Shareholder Letter on the importance of disciplined capital allocation from top level management

Download now file_download 28/02/2013

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Shareholder Letter Q1 2013

First shareholder letter of the Tarkio Fund talking on the volatility of the fund relative to the overall market

Download now file_download 28/02/2013