Reports and notes
What we publish, and never take down.
Halbrook writes to clients every quarter and publishes a note when a partner has something worth writing down. Nothing here sits behind a form, and nothing is taken down once published, including the pieces that turned out to be wrong.
Earlier reports and notes
14 February 2026
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Note
Why we still hold the same twelve companies
Eleven of the twelve Global Equity holdings have been in the portfolio since 2014. The case for each, with the date it was bought.
9 January 2026
·
Note
Fee schedule, unchanged for eleven years
The fee on each mandate and the date it last changed. None has moved since 2015, and the note says why.
30 September 2025
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Report
Quarterly report: third quarter 2025
Assets GBP 2.3bn. Multi-Asset unchanged since the April rebalance. Fixed Income and Credit added two issuers.
12 June 2025
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Note
Every drawdown since 1998
Nineteen falls of more than 5% since 1998: the deepest, the longest to recover and the most recent.
21 March 2025
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Note
A note on capacity
Global Equity will close to new clients at GBP 1.5bn. The figure and the reasoning behind it.
Quarterly reports
When they arrive
A report is dated at the quarter end it covers and published within ten working days of that date. It carries the figures James Okonkwo has signed against the custodian record, so it is never the first version of a number. If a report is late, it says so and gives the reason.
The next report covers the second quarter of 2026 and is due by 14 July 2026.
Ask for the most recent quarterly report.
We will send it the same day. There is no call to sit through first.
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