META - Canterbury Tollgate 2023 Investor Letter (Year End)

2024-04-19 12:50:00 ET

Summary

• Canterbury Tollgate is a value and quality-oriented investment manager with a distinctive focus on equity evaluation & selection plus risk mitigation.
• CTG Fluxion increased by 21.5 percent in 2023.
• This was driven largely by our core holdings — Meta, Amazon, Dropbox, and GoDaddy, and also includes a sizable contribution from U.S. treasuries and a mate- rial subtraction from Icahn Enterprises.
• Luck is involved in investing, but it’s most assuredly not pure luck; and perhaps not even mostly luck. More apt terms than “luck or skill” would be “happenstance and competency.”.

Dear friends and valued investors,

CTG Fluxion increased by 21.5 percent in 2023. This was driven largely by our core holdings - META , Amazon ( AMZN ), Dropbox ( DBX ), and GoDaddy ( GDDY ). It also includes a sizable contribution from U.S. treasuries and a material subtraction from Icahn Enterprises ( IEP )....

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