Silver Beech’s Investment Thesis for Rentokil Initial (RTO)

Silver Beech Capital, a value-oriented investment management firm, released its fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. Since its inception, Silver Beech has achieved a net annualized return of 22.6%, representing an annualized outperformance of 9.5% over the S&P 500. The fund returned 23.9% for the full year, slightly behind the S&P 500’s return of 25.0% and significantly outpacing the Russell 2000’s return of 11.5%. Outsized profits in financials, energy, and consumer sector investments drove the strong performance of the portfolio in 2024....