I am writing to update you on recent developments at North Sound, and to convey to you our excitement for the positive impact we expect these changes to have in 2007...
We have taken steps to ensure that the reduction in our capital is as smooth a transition as possible for all investors...
...these changes will both address our performance and enable efficient management of the new capital base...We will be focusing the majority of our attention on fewer sectors...a smaller, more focused team will produce fewer but stronger ideas...
We believe this will address a problem we faced this year, which is that we mistakenly under-weighted many of our most successful ideas. Going forward, we intend to increase our participation in our highest conviction names...
and so on and so forth.
Dear Investor
Thomas E. McAuley
North Sound Capital
Dec. 5 2006
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