Shareholder letters
Here you will find our latest and archive of shareholder letters.

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Letter to Shareholders – July 2019
Letter to Shareholders – June 2018
Letter to Shareholders – June 2017
Letter to Shareholders – June 2016
Letter to Shareholders – April 2016
Letter to Shareholders – June 2015
Letter to Shareholders – June 2014
Letter to Shareholders – June 2013
Letter to Shareholders – June 2012
Letter to Shareholders – June 2011
Letter to Shareholders – June 2010