Investor Letters

Letters through October 31, 2026

1 letter reporting on the period ending October 31, 2026, in each firm's own reckoning.

Troy Asset Management Investment Report No. 90 October 2026 Troy Multi-Asset Strategy warns that debt-funded AI investment and persistent inflation could make rising bond yields harder for equity markets to ignore. The portfolio retains gold and yen exposure, favours shorter-dated index-linked bonds, and adds de-rated businesses while keeping equity exposure diversified rather than following concentrated market leadership. No. 90 2026 —