A deep dive into key themes we've been focusing on, recent additions to the portfolio, and a few changes.

Highlights:

• Quick recap: What has changed with the portfolio since 2022?
• What we mean by "engaged owners" (and the difference they can make)
• Why we are looking for companies with lower duration
• How we try to find a variant perception from the market—and some examples
• Recent additions to the portfolio: Dermapharm, Donnelley Financial, Hikma, Ipsos, SoftwareONE, and Technogym
• Our new approach to the reverse roadshow process