Market Commentary

Quarterly Telescope Q3 2020

Welcome to our latest QUARTERLY TELESCOPE. We hope these quarterlies provide
you with greater insight into our thoughts on global assets as well as how your global
assets are being managed.

In this quarter’s Telescope, Kyle Wales discusses how our portfolios navigated the third
quarter, as well as how the funds are currently positioned. Pieter Hundersmarck revisits
the importance of investing in high quality businesses, and Bruce Anderson shares his
thoughts on South Africa. Finally, Kyle takes us through the investment case for
Trupanion, a leading pet insurer in the United States and Canada.

Please download the PDF for further insight.