Happened upon the new quarterly letter which, inter alia, states the rather obvious:
"We’re sure you are well aware that our portfolios have not been immune to this shift in market sentiment; we have delivered the worst relative (to our benchmarks) quarterly performance in our history. We’ll address this in more detail later in this letter, but at the heart of the problem is that for the past 10 years, with the exception of a few short periods in 2015 and 2018, the market has rewarded Growth Assets with ever expanding valuations. By November 2021, valuations for Growth Assets had become extremely stretched across most markets. For most of the Grandeur Peak portfolios, this ballooning of valuation was a key driver of our strong outperformance in 2020 and 2021. But now the pendulum is swinging back the other way. While the corrections in valuations we’re seeing across the portfolios isn’t surprising in hindsight, unfortunately we just didn’t position ourselves very well for it because the fundamentals of our underlying holdings have been so strong."