December was not about setting bold resolutions or forecasting the year ahead. It was about reflection — reviewing decisions, processes, and behaviors with honesty.

Rather than asking what the markets gave us, we asked what we did well, where we were disciplined, and where we could improve.

Public Markets

In public equities, December was a review month. We assessed how positions behaved under stress, how correlations shifted, and whether portfolio construction delivered the protection we expected.

The lesson was clear: outcomes matter, but process matters more. We focused on refining how we evaluate risk, size positions, and respond to volatility — knowing these habits will matter more than any single forecast.

Private Markets & Funds

Private market reflection centered on pacing and selectivity. We reviewed commitments made, opportunities passed, and lessons learned from both.

The goal was not to maximize deployment, but to maximize learning. Understanding why we said “yes” or “no” sharpened our framework for the year ahead.

Real Assets

Real assets reaffirmed their role as stabilizers. Predictable cash flows and tangible economics provided a counterweight to the abstraction of markets — reinforcing why these exposures remain core to our strategy.

Process & Preparation

December quietly set the stage for evolution. We identified gaps in how information flows, how decisions are tracked, and how ideas mature over time.

Rather than rushing to implement changes, we focused on clarity: knowing what to improve before deciding how.

Closing the Year

December closed with a steady posture. No urgency. No grand predictions. Just a reinforced commitment to discipline, adaptability, and thoughtful capital stewardship.

Strong years are built in reflection as much as in action. December ensured we entered the new year grounded, prepared, and aligned.