Ensemble Capital’s 2022 Q2 Investor Letter

Ensemble Capital, an investment management firm, published its second quarter 2022 investor letter recently — which can be downloaded here. The fund lost nearly a third of its value this year and trails the S&P 500 Index. Overall, the fund generated an annualized return of 7% over the last 3 years and 10% over the last 10. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.