QUARTERLY
LETTERS

For the quarter ended June 28, 2024, our Flagship portfolio advanced 3.51%, net of fees. The S&P 500 Index, our benchmark, appreciated 5.89%. For the first nine months of the year our Flagship gained 28.94% and the S&P 500 Index went up 22.08%

For the quarter ended June 28, 2024, our Stewart Flagship portfolio advanced 7.12%, net of fees. The S&P 500 Index, our benchmark, appreciated 4.28%. For the first half of the year our Flagship gained 24.85% and the S&P 500 Index went up 15.29%.

For the quarter ended March 31, 2024, our Flagship portfolio advanced 16.44%, net of fees. The S&P 500 Index, our benchmark, appreciated 10.43%.