Net Debt Reduction: Down 30% over the last three years. Free Cash Flow (2024): $105 million, the highest since 2015. Incremental Margin (2024): 42% with over 300 basis points improvement.

Leading the hit parade, the U.S. Free Cash portfolio chalked up average annual gains of 16.7 per cent over the 25 years through to the end of April 14, 2025, thanks to its focus on deep value stocks.

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