EPC's Spring 2026 Portfolio Update

Every six months we write a letter to our investors to explain what we own and why we own it. Our letters cover our business’s competitive positions, KPIs, capital allocation, estimated forward returns, and material business updates. We also explain any portfolio activity and the reasons for it.

In an effort to encourage longer-term thinking, we consciously avoid quarterly letters and Wall Street’s typical reporting cadence. For the same reason, our letters focus on bottom-up business fundamentals rather than macroeconomics and stock price volatility. Our goal is to think and act like long-term business owners.

Clients receive our letters on or around April 1st and October 1st each year. Premium subscribers receive full access to our letters on a 45-day lag.

Above all, we aim to provide our clients and our premium subscribers the information we would want if our positions were reversed.

Thank you for reading and for your support. Please don’t hesitate to reach out with any questions or comments.