INSIGHTS
Newsroom · Announcements · Research
Notes from portfolio construction, market microstructure and regulatory shifts. Published plainly, filed chronologically, sorted by editorial date.
Annual Stewardship Report 2025 Now Available
Our seventh annual stewardship report is now available in the Investor Relations archive.
Q3 2025 · Notes on Market Structure
Observations on liquidity, dispersion and the shape of the yield curve entering the fourth quarter.
Founder's Letter, October 2001
Our first letter to Limited Partners, articulating the mandate we still hold today.