Highwood Value Partners H2 2025 Letter To Investors

Cunaplus_M.Faba/iStock via Getty Images Dear Investors, In the second half of 2025, our portfolio was up 5.7% which brings our return to +10.2% for the calendar year and +76% since inception in Canadian dollars net of fees1. This compares to the most relevant benchmark index, the MSCI Europe SMID Cap index, which is +68% since the date of our inception. The table below gives you the usual summary of our performance and exposure by strategy bucket for the second half of 2025 and the relevant periods sinc ...