QUARTERLY
LETTERS

In the quarter just ended, our Flagship’s investments advanced by 3.89%, net of fees and the S&P 500 Index appreciated by 8.12%. Year-to-date, our Flagship investments have gained 2.97%, net of fees and S&P 500 Index advanced by 15.23%.

In the second quarter of 2025 the Flagship portfolio advanced 7.45%, net of fees.1 The S&P 500 Index, our benchmark, gained 10.94%. For the first six months of the year our Flagship declined 0.88%, net of fees, while the S&P 500 Index gained 6.20%.

For the quarter ended March 31, 2025, our Flagship declined 7.61%, net of fees. The S&P 500 Index lost 4.27%. We are not satisfied with this outcome.

For the quarter ending December, our Flagship portfolio declined 0.50%, net of fees. The S&P 500 Index, our benchmark, appreciated 2.41%. For the year ending in December 2024, our Flagship portfolio advanced 27.60%, net of fees, and the S&P 500 Index gained 25.02%.