Manoj Madusanka/iStock via Getty Images Dear Investors, Through the end of the first quarter of 2024, the Massif Capital Real Assets Strategy was up 0.96% net of fees, with gains from both the long and short books. As the letter is getting out after the close of April, it is worth highlighting that we were…
Uwe Krejci/DigitalVision via Getty Images A Welcome Surprise After discussing GrafTech’s (EAF) challenges throughout 2022 and 2023, Groundhog Day came early in 2024, with the stock declining 39% in January. The selloff likely stems from indiscriminate selling by Brookfield Asset Management and shares distributed by BAM due to the fund ending. We were again left…
tadamichi Investors, For the first quarter of 2024, Deep Sail Capital Partners (the “Fund”) returned 13.0% net of fees while averaging 84% net long exposure. Please consult your individual capital account statements for your individual net returns. In the first quarter, the fund outperformed our benchmarks, the Russell 2000 index and the Russell Mid-Cap Growth…
Disclosures Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only, and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. The S&P 500® Index is a large-cap market index which measures…
Disclosures Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only, and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. A basis point is one hundredth of a percent. Bond Spread…
anyaberkut Market Environment And Performance Equity markets had a solid start to the year, with the S&P 500 up 10.6%. The Madison Sustainable Equity Fund lagged the S&P 500 for the first quarter. Although growth stocks continued to lead the market, we did see broader participation in the first quarter rally. Equity markets were encouraged…
Rob Daly/OJO Images via Getty Images The Madison Investors Fund (Class Y) increased 9.63% in the first quarter of 2024, compared to the 10.56% increase in the S&P 500 index. Portfolio Performance In the first quarter, the top five individual contributors to performance relative to the benchmark were PACCAR (PCAR), Arch Capital (ACGL), Progressive (PGR),…
Supatman/iStock via Getty Images To our clients & friends, For the first quarter and year ended March 31, 2024, the Giverny Capital Asset Management (“GCAM”) model portfolio performed as follows:1 We’ve had an extended stretch of strong performance, with our model portfolio rising nearly 40% over the past year. Obviously, this feels pretty good. The…
First, 50. Then, 25. Eventually, 12.5. After that, 6.25. And now, 3.125. Four halvings later, we enter the fifth of 33 epochs of Bitcoin. The first 32 epochs, in Bitcoin-terms, last 210,000 blocks, with the 33rd lasting until the heat death of the universe. At 10 minutes per block, on average, that means just about…
Avalon_Studio Investment Results 2019 2020 2021 2022 2023 YTD 2024 Since Inception 1 LVS Event-Driven (net of fees) 7.0% 13.2% 9.1% 3.8% 6.2% (1.4%) 43.6% Benchmark: High-Yield Bond Index 13.4% 5.0% 4.0% (11.4%) 12.5% 1.6% 25.4% LVS Growth (net of fees) – 61.8% 16.1% (35.8%) 7.0% 14.7% 47.9% Benchmark: S&P 500 TR Index – 18.4%…
da-kuk While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion- may well be genetically determined. -Seth Klarman The Momentum Continues The S&P 500 (SP500, SPX) increased by 10.2% during 1Q 2024, closing at a record high 22 times during the quarter-the…
bymuratdeniz/iStock via Getty Images The Magnificent Roaring ’20’s “It’s a bull market, you know.” – Jesse Livermore. Reminiscences of a Stock Operator. “The job of sustainably restoring 2 percent inflation is not yet done…the higher inflation data over January and February were above the low readings in the second half of last year…We do not…
Sumedha Lakmal/iStock via Getty Images The performance of securities mentioned within this letter refers to how the security performed in the market and does not reflect the performance attributed to the core equity portfolio. Please see the chart at the end of letter, which reflects the full list of contributors and detractors based on each…
VioletaStoimenova H2 2023 Results During the second half of 2023, the Saga Portfolio (“the Portfolio”) increased 40.2% net of fees. This compares to the overall increase for the S&P 500 Index, including dividends, of 8.0%. For the full year 2023, the Portfolio increased 204.6% net of fees compared to the S&P 500’s 26.3%. The cumulative…
Avalon_Studio “Even the most intelligent investor is likely to need considerable willpower to keep from following the crowd.” – Benjamin Graham Back to Back With the end of the first quarter in the books, the S&P 500 Index return in Q1 totaled 10.56%. This double-digit return follows the fourth quarter 2023 return of 11.69%. Since…
Torsten Asmus/iStock via Getty Images Dear Investors, Year-to-date, the S&P 500 (SP500, SPX) returned 24.2%. We ended the quarter with 51.8% of the portfolio in cash and short-term government bonds. We continue to take a conservative stance towards the current market environment and look for ways to invest in securities that provide us a strong…
da-kuk “You can’t predict. You can prepare.” -Howard Marks. Meteorologist Edward Lorenz is best known for coining the term “butterfly effect,” the idea that a slight disturbance, like the flapping of a butterfly’s wings, can provoke enormous consequences. As told in the book “Chaos” in 1961, Dr. Lorenz ran weather simulations using a simple computer…
Zephyr18 Time to rethink retirement When my mom passed away in 2012, my dad started to decline quickly, and my brother and I had to go through my parents’ bills and finances. Both my mom and dad worked great jobs for 50 years, but they were never in the top tax bracket. My mom taught…
Click to enlarge Arvydas Lakacauskas/iStock via Getty Images To the Shareholders of Pershing Square Holdings, Ltd.: In 2023, Pershing Square’s 20th year, Pershing Square Holdings (OTCPK:PSHZF) generated strong NAV performance of 26.7% versus 26.3% for our principal benchmark, the S&P 500 index.6 Our total shareholder return was 36.0%, as PSH’s discount to NAV narrowed by…
Torsten Asmus Dear Clients and Friends: As 2023 draws to a close, we find ourselves reflecting on a year that vividly embodied the German phrase “Sturm und Drang,” which translates to “Storm and Stress.” Although the term is now used to describe turmoil generically, it originally identified a late 18th-century movement in German literature and…
Editor’s note: Seeking Alpha is proud to welcome SA Editor Vijay Krishnan as a new contributor. It’s easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » MarsYu Table 1: Performance of the Aegis…
da-kuk To Our Shareholders: We had, by far, the best year in our history. Fairfax (OTCPK:FRFHF) has transformed itself to become one of the largest property and casualty companies in the world with $32 billion1 in gross written premium, including the acquisition of Gulf Insurance. We posted a record underwriting profit of $1.5 billion and…
watchara_tongnoi For the fourth calendar quarter of 2023, an average partnership interest in Artko Capital LP was up 6.9% net of fees. At the same time, investments in the most comparable market indexes-Russell 2000 (RTY), Russell Microcap, and the S&P 500 (SP500, SPX) -were up 14.0%, 16.1%, and 11.7% respectively. For the calendar year of…
matejmo Dear Partners, In Q4 2023, the Voss Value Fund, LP and the Voss Value Offshore Fund, Ltd., returned 19.4% and 18.6% to investors net of fees and expenses, respectively, compared to 14.0% total return for the Russell 2000 (RTY), 15.3% total return for the Russell 2000 Value, and 11.7% total return for the S&P…
Nastassia Samal/iStock via Getty Images Dear Co-Investor The SaltLight Worldwide Flexible Fund returned 30.8% in 2023 – the final quarter turned out to be a very strong finish for the year with a +15.4% return. What went in our favour? We were fortunate to have some exposure to some of the ‘Magnificent Seven’ – Amazon…
monsitj Fellow Shareholders: This “recession,” which has been one of the drivers of capital away from risk assets to perceived safer assets, has been the most fun and awesome one ever. Persistent predictions of a return to arguably more normal interest rates have not led to an economic calamity. Instead, GDP rose 3.1%, wages and…
Galeanu Mihai The Bronte Amalthea Fund is a global long/short fund targeting double digit returns over the long term, managed by a performance orientated firm with a process and portfolio that we feel is genuinely different. Objectives include lowering the risk of permanent loss of capital and providing global diversification without the market/drawdown risks typical…
Moment Makers Group/iStock via Getty Images EXECUTIVE SUMMARY Performance Review The portfolio’s largest contributors to performance for the quarter were Fiserv Inc. (FI), Fomento Economico Mexicano (FMX), and Nintendo Co., Ltd. (OTCPK:NTDOY). The largest detractors to performance over the quarter were LatAm airports (ASR, OMAB, PAC), Bayer (OTCPK:BAYRY), and British American Tobacco (BTI). Portfolio Commentary…
pcess609 Dear Baron Growth Fund Shareholder: Performance Baron Growth Fund® (the Fund) gained 7.70% (Institutional Shares) for the quarter and 14.97% for the year ended December 31, 2023. This modestly trailed those of the Fund’s primary benchmark, the Russell 2000 Growth Index (the Benchmark), which gained 12.75% for the quarter and 18.66% for the year….
(1) Reflects the actual fees and expenses that were charged when the Funds were partnerships. The predecessor partnerships charged a 20% performance fee (Baron Partners Fund) or a 15% performance fee (Baron Focused Growth Fund) after reaching a certain performance benchmark. If the annual returns for the Funds did not reflect the performance fee for…
Eugene Mymrin/Moment via Getty Images Dear Baron FinTech Fund Shareholder: Performance Table I. Performance† Annualized for periods ended December 31, 2023 Baron FinTech Fund Retail Shares[1],[2] Baron FinTech Fund Institutional Shares1,2 FactSet Global FinTech Index1 S&P 500 Index1 Three Months3 13.82% 13.85% 15.54% 11.69% One Year 26.96% 27.31% 23.34% 26.29% Three Years (0.95)% (0.69)% (7.64)%…
shih-wei In 2023, the U.S. stock market delivered robust performance, defying earlier predictions of a persistent bear market and a looming recession. The S&P 500 Index increased 26.3% (including dividends), strongly driven by the Magnificent Seven[1]. Technology stocks increased notably: the Nasdaq 100 Index achieved its best annual performance since 1999, with a gain of…
Pakin Jarerndee/iStock via Getty Images DEAR BARON FIFTH AVENUE GROWTH FUND SHAREHOLDER: PERFORMANCE Table I. Performance† Annualized for periods ended December 31, 2023 Baron Fifth Avenue Growth Fund Retail Shares[1],[2] Baron Fifth Avenue Growth Fund Institutional Shares1,2,[3] Russell 1000 Growth Index1 S&P 500 Index1 Three Months4 17.54% 17.61% 14.16% 11.69% One Year 57.20% 57.58% 42.68%…
Photobuay/iStock via Getty Images DEAR BARON OPPORTUNITY FUND SHAREHOLDER: PERFORMANCE During the fourth quarter, Baron Opportunity Fund (MUTF:BIOIX, the Fund) rose 15.10% (Institutional Shares), outperforming the broader market, including the Russell 3000 Growth Index, which gained 14.09%, and the S&P 500 Index (SP500, SPX) , which advanced 11.69%. For the full-year 2023, the Fund increased…
enot-poloskun Dear Gator Financial Partners: We are pleased to provide you with Gator Financial Partners, LLC’s (the “Fund” or “GFP”) 2023 4th Quarter investor letter. This letter reviews the Fund’s 2023 Q4 and 2023 annual investment performance, discusses our investment thesis on Robinhood Markets, and shares our thoughts about gross and net exposures. Review of…
shih-wei Dear Investors (to myself as the single LP), We welcome you to Vision Capital’s 2023 annual investor letter. For 2023, Vision Capital returned +69.9% versus the S&P 500’s +24.0%. Since inception 24 March 2017, in TWR terms it has returned a cumulative +184.3% versus the S&P 500’s +103.2% and versus the MSCI World’s +71.7%….
Igor Kutyaev/iStock via Getty Images Dear Investors, In the second half of 2023, RF Capital returned +22.54%1 net of all fees. In comparison, the S&P 500 (SP500, SPX), Russell 2000 (RTY), and MSCI ACWI generated returns of +7.18%, +8.16%, and +7.10%, respectively, over the same period. For FY2023, RF Capital returned +56.07%1 net of all…
honglouwawa Foreword I intend to share the updated results at the outset of each letter. It is worth reiterating that I ascribe little significance to short term results. I look out many years when making investments for the partnership and believe our results are best weighed using a similar time horizon. A Dangerously Reasonable Price…
sankai Dear Fellow Investors, The Fund 1 returned approximately 15% in the fourth quarter, bringing the full year returns to approximately 51%. Returns will vary by fund and investment class, so please check your statements for your actual returns. Our Q2 letter was themed around being “one day closer.” I wrote, “I believe that with…
cyano66/iStock via Getty Images Performance Our Companies “When there is a frenzy of activity in one area of the market there is very often an anti-bubble of discarded companies”- Nick Sleep Perhaps the most talked about news in the financial markets throughout 2023 was how incredible the stocks of the “Magnificent Seven” – Amazon (AMZN),…
NicoElNino Dear Partners, For Q4 2023, Class A interests in Laughing Water Capital returned approximately 3.2%, bringing our year-to-date returns to approximately 11.8% after all fees and expenses.i The SP500TR and R2000 returned 11.7% and 14.0% for the quarter, bringing year-to-date returns to 26.3% and 17.0% respectively. Since inception, LWC has returned approximately 245%, vs….
miniseries Dear Partners, Fairlight Alpha Fund’s fourth quarter 2023 returns were 2.0% net of fees. This compares to 11.7% for the S&P 500 (SP500)(SPX) Total Return index. Overall, since inception the fund has returned 432.2% net of fees and 41.2% on an annualized basis. Performance vs. the S&P 500 We track the net asset value…
MicroStockHub Dear Baron International Growth Fund Shareholder: Performance Baron International Growth Fund® (MUTF:BIGFX, BINIX, BWBFX, the Fund) gained 7.78% (Institutional Shares) during the final quarter of 2023, while its primary benchmark index, the MSCI ACWI ex USA Index (the Benchmark), rallied 9.75%. The MSCI ACWI ex USA IMI Growth Index (the Proxy Benchmark) added 10.99%…
Igor Kutyaev/iStock via Getty Images Dear Baron Global Advantage Fund Shareholder Performance Finally… a good quarter. Baron Global Advantage Fund® (the Fund) was up 14.8% (Institutional Shares) during the fourth quarter, compared to the 11.0% gain for the MSCI ACWI Index (the Index) and the 12.7% gain for the MSCI ACWI Growth Index, the Fund’s…
cemagraphics/iStock via Getty Images Dear clients and fellow shareholders: If there was anything that economists were clear about a year ago, it was that the U.S. was in for a challenging 2023. More than two-thirds of the economists at the 23 large financial institutions that do business directly with the Federal Reserve predicted an impending…
Souda/iStock via Getty Images Introduction America Song by Neil Diamond Far We’ve been traveling far Without a home But not without a star. Free Only want to be free We huddle close Hang on to a dream On the boats and on the planes They’re coming to America Never looking back again They’re coming to…
Igor Kutyaev/iStock via Getty Images The Sound Shore Fund Investor Class (MUTF:SSHFX) and Institutional Class (MUTF:SSHVX) advanced 12.43% and 12.50%, respectively, in the fourth quarter of 2023, ahead of the Russell 1000 Value Index (Russell Value) which advanced 9.50%. As of December 31, 2023, the three year annualized advances for SSHFX of 9.12% and for…
Userba011d64_201/iStock via Getty Images “Read the last year’s market predictions and you will never again take this year’s predictions seriously” – Morgan Housel Dear Partners, 2023 was a good year for our fund! Rowan Street gained +102.6% (net). Please see disclosures for the historical performance data. The biggest contributors to our outperformance in 2023 were…
satoshi takahata/iStock via Getty Images Dear fellow investors and friends, During the fourth quarter the fund gained 6.3% gross of fees 1. We do not have a stated benchmark in our Key Investor Information Document (KIID) and therefore cannot comment on relative performance. We leave it up to you to decide. We note the above…
BrianAJackson/iStock via Getty Images 2023 was another good year for Lyrical. Our CS composite returned 27.2%, outperforming the S&P 500 (SP500, SPX) by 90 bps. It was a particularly difficult year to outperform given the outsized performance contribution of the Magnificent Seven mega-cap growth stocks. We, as value investors, do not own any of the…