Dear Shareholders, 2025 turned out to be a fantastic year for The Stewardship Fund. We outperformed the S&P with returns of 19.81%, bringing our total return to 72.3% since the launch of The Stewardship Fund. This great performance (by our fund and the overall market) has me thinking about the future. Stock prices are clearly elevated, but I remain convinced that the only real way to “win” in the long run is to remain invested. It is very important here to recognize that stay

Dear Shareholders, It has been three years since the launch of The Stewardship Fund, and I am proud to say that the first three years have been highly successful!  Over the past three years initial investors have seen their portfolios grow by over 65% or 18.25% CAGR.  The fund itself has nearly quadrupled in size since the launch.  In fact, we just ended our best quarter yet with a quarterly return of 9.75%. The progress we have made has allowed us to bring on our first hire,

Dear Investors, The second quarter of 2025 started off with a wild ride.  A fast drop of 19% in the market was followed by one of the fastest recoveries in history to new all-time highs.  This market has reminded me of one of the great truths of long-term value investing, which is that we should take a step back and ignore the short-term noise.  Investing in solid businesses has never been about the whims of the market, but rather about the long-term fundamentals of great bus

Q1 2025 Dear Investors, We are only three months into 2025, yet we are already experiencing tariffs, disruptions, market uncertainty, and a fear over the future.  Over the past three months I have been repeatedly asked, “Do you think we’re going into a recession?” “Do you think the markets will keep going down?” and many similar questions.  There is clearly a lot of angst and uncertainty in the market today.  My answer is always the same: I have no idea what the market will d

Q4 2024 Dear Investors, 2024 has been another great year for investing, which reflects our returns at The Stewardship Fund. There are many unknowns going into 2025 with the markets near all time highs, valuations looking stretched, a new president in office, AI advancing rapidly, and many other events that have the potential to shake things up in surprising ways. Because of all of the uncertainty, The Stewardship Fund is beginning to purchase a few thoughtful hedges to protec

Second Anniversary Edition Dear Investors, It has officially been two years since the launch of The Stewardship Fund, and I can honestly say that I am loving every minute of it! God must have built me a bit differently because I love spending my days reading, researching, studying financial reports, and learning all about the companies in which we invest. For me, the idea of investing is the same as becoming an owner in a business. I start each investment by studying each com