Broyhill Asset Management’s Q2 2022 Investor Letter

Investment management company Broyhill Asset Management released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The company notes that the tobacco industry is probably one of the most profitable industries in history. But the ESG is inversely related to tobacco valuations. Since 1986, the Consumer Price Index for ”Tobacco and Smoking products” has risen 11 times compared to a 2.7 times increase in “All Items CPI”. For more information on the fund’s top picks in 2022, please check its top five holdings.