Puffins - Part II

Five years ago, one of our portfolio managers (PMs) made an inaugural trip to Iceland. The PM was fascinated by the lundi, Icelandic meaning a puffin species of bird. We wrote about these tough (yet quite cute!) flying creatures in our January 2022 edition of The Essence. Their heartiness and extraordinary lives, mostly out at sea, exemplified a part of Aristotle Capital’s process of studying how businesses “weather” tough conditions. COVID was still impacting most countries – yet Iceland was largely spared – while its duration and consequences were not fully known.

Fast forward to 2026 and this same PM set out to replicate what was a unique journey. This time, however, a more circuitous route was taken. First through London to meet with some portfolio companies, then north to Ireland and Scotland. Then on to the Scottish Highlands and through the Faroe Islands as a last stop before Iceland. These 18 islands (population no more than 54,000 on a crowded day) are a self-governing part of Denmark, sitting between Iceland and Norway in the North Atlantic Ocean. This is where our PM met Dánial Hoydal, Founder and CEO of Faer Isles Distillery.

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