Ten years ago, Eu Capital was founded on a simple philosophy: that long-term wealth must be built through patience, discipline, and respect for uncertainty.
Since then, markets have become faster, louder, and more complex. Crises arrive more frequently, often accompanied by urgency and conviction. In contrast, the practice of long-term investing has grown less fashionable, even though its underlying principles remain unchanged.
Experience has a way of refining beliefs. Ours have become narrower rather than broader. We focus on fewer decisions. We move less. We think in reverse. We spend more time thinking about what not to do. This is not because opportunities have disappeared, but because clarity improves as noise is reduced.
Good investing often appears uneventful. Most of the work happens away from headlines. Progress is uneven and rarely obvious in the moment. Yet over long horizons, small and consistent decisions tend to matter more than dramatic ones.
For those who have been with us for many years, this approach will feel familiar. For those who joined more recently, it reflects a process shaped by past cycles and lessons learned. And for those still observing, it offers a glimpse into how we think about risk, time, and responsibility.
Ten years is a milestone worth acknowledging, but it is not an endpoint. In investing, durability matters more than speed. What endures is not cleverness, but temperament.
This perspective has been tested in practice.
Since October 2015, Eu Capital has managed discretionary portfolios guided by the same principles of patience, selectivity, and long-term discipline described above, compounding capital across multiple market cycles at approximately 13.1% per annum.
In May 2018, Valence Global Fund was established as a dedicated fund vehicle reflecting this approach in a fully investable structure. Since inception, the Fund has compounded at approximately 10.4% per annum.
While different mandates and structures mean these results are not directly comparable, they reflect a consistent philosophy shaped by experience, respect for risk, and a long view of capital stewardship.
As we look ahead, we remain guided by the same principles that shaped our beginnings.