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2025 was another year of impressive performance for PSH on an absolute and relative basis.

Through the end of the year, PSH’s Net Asset Value (“NAV”) per share, including dividends, increased 20.9%, compared with a 17.9% return for the S&P 500 over the same period.i,ii In addition to another year of strong performance, the Investment Manager made significant progress on a number of strategic initiatives that position PSH for continued success in the years ahead.

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Cadarn Capital Ltd (FRN: 998015) is an appointed representative of Thornbridge Investment Management LLP (FRN: 713859) which is authorised and regulated by the Financial Conduct Authority