Letters

Letters to our investors.

Quarterly letters from the portfolio managers, and notes from the people who check, settle and vote. Written to be read, not skimmed.

Quarterly letters from the portfolio managers, and notes from the people who check, settle and vote. Written to be read, not skimmed.

The quarterly letter, printed and clipped, on the oak table under the roof, with reading glasses, a fountain pen and a coffee by the dormer window

Mansard · Q3 2026

Q3 2026 letter: Nothing happened, and we were busy

Camille Roussel

6 min

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The quarterly letter, printed and clipped, on the oak table under the roof, with reading glasses, a fountain pen and a coffee by the dormer window

Mansard · Q3 2026

Q3 2026 letter: Nothing happened, and we were busy

Camille Roussel

6 min

→

Who checks the NAV?

Who checks the NAV?

Nadia Haddad

Nadia Haddad

5 min

Small caps were cheap in 2022. They were cheaper in 2024.

Small caps were cheap in 2022. They were cheaper in 2024.

Yanis Benali

Yanis Benali

7 min

Why Patrimoine held 31% cash for six months

Why Patrimoine held 31% cash for six months

Inès Okafor

Inès Okafor

6 min

Our first annual stewardship report

Our first annual stewardship report

Léa Fournier

Léa Fournier

8 min

Fourteen years, five funds, one address

Fourteen years, five funds, one address

Hélène Marchetti

Hélène Marchetti

5 min

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One letter a quarter, and the odd note from the people who check. Nothing else.

We send the quarterly letter and the occasional note from the middle office. No marketing, and one click to stop.

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