October was a month of friction — and that was intentional. Rather than expanding into new themes, we focused on pressure-testing existing convictions across public markets, private funds, and real assets. The goal was simple: identify where confidence was earned, and where it was merely assumed.

Markets offered plenty of noise. Volatility returned in fits and starts, macro narratives shifted weekly, and consensus views proved fragile. Instead of reacting, we leaned into deliberate review. October reminded us that the best investing work often looks like restraint, not activity.

Public Markets

In public equities, we spent the month reassessing position sizing, correlations, and unintended exposures. The emphasis was not on forecasting near-term moves, but on understanding why each allocation deserved to remain in the portfolio.

Yield strategies remained a focal point, particularly where income could be generated without compromising downside protection. We examined how volatility itself could be harvested responsibly, rather than feared. Optionality — not prediction — continued to guide decision-making.

A key takeaway: positions should earn their place continuously. Legacy holdings are not entitled to permanence.

Private Markets & Funds

October sharpened our lens on private market pacing. We reviewed deployment velocity across funds, reassessed capital call expectations, and revisited assumptions around exit timing.

The philosophical shift was subtle but important: patience is not passivity. In an environment where capital is plentiful but discernment is scarce, slowing deployment can itself be a source of advantage.

We gravitated toward managers who demonstrated discipline in saying “no,” rather than those rushing to capitalize on short-term enthusiasm.

Real Assets

Our work in real assets focused on downside durability. We revisited cash flow assumptions, inflation sensitivity, and counterparty risk across royalty-like structures and infrastructure exposures.

Rather than viewing real assets as static ballast, we treated them as dynamic components — capable of both protecting capital and enabling flexibility elsewhere in the portfolio.

Process & Reflection

October reinforced a core belief: conviction should feel calm, not loud. By stress-testing our assumptions before markets force the issue, we preserved both capital and clarity.