KNA Capital September 2025 Update

The KNA Capital Strategy is running a marathon, not a sprint; consequently, we are comfortable lagging the benchmarks temporarily because our focus is entirely on the long-term compounding of business value, not short-term price flucutations.

We know that over time, shareholder returns will reflect the economics of the companies we own, which is why we remain disciplined despite short-term market surges (and panics). To that end, we used September to initiate a new position in Wise plc (WIZEY), a business that meets all our criteria for an exceptional business. You can read the full September letter for an in-depth look at our philosophy and the investment thesis on Wise.

Disclaimer: This blog post summarizes the views expressed in the KNA Capital monthly letter for general informational purposes only. It does not constitute investment advice or an offer to buy or sell securities. Past performance is not indicative of future results. Consult with your financial advisor before making any investment decisions.