- Investor Letter GCQ Flagship Fund attributes its decline to multiple compression and currency headwinds despite continued earnings growth across its asset-light holdings. The portfolio exited Alphabet and Netflix, reduced Richemont, repurchased FICO, S&P Global and Microsoft, and added Intuit, Verisk Analytics and Swiss Marketplace Group while tightening small-cap position limits after its Hemnet mistake. year to 30 June 2026 HMNTY $670M
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