KNA Capital November 2025 Update

In November, the KNA Capital Core Equity Strategy was up 3.5% after fees. In this month’s update, we discuss how companies can appear expensive on a multiples basis and actually be cheap, and vice versa. At KNA Capital, we stay focused on how our expectations for a company compare with those implied in the current market price. Price multiples are informative to our process, but are not the primary way we value investments.

Please review important disclaimers.