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Stanphyl Capital Q1 letter

For March 2016 the Stanphyl Capital Fund was up approximately 9.3% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 6.8% while the Russell 2000 was up approximately 8.0%. Year to date the fund is up approximately 9.0% net while the S&P 500 is up approximately 1.3% and the Russell 2000 is down approximately 1.5%. Since inception on June 1, 2011 the fund is up approximately 89.0% net while the S&P 500 is up approximately 69.9% and the Russell 2000 is up approximately 40.6%. (The S&P and Russell performances are based on their “Total Returns” indices which include reinvested dividends.) As always, investors will receive the fund’s exact performance figures from its outside administrator within a week or two.

Stanphyl Capital – Short Positions

While our short positions (SPY and TSLA) worked against us this month, our longs–

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Stanphyl Capital April 2016 Letter

Stanphyl Capital April 2016 Letter

Stanphyl Capital letter for the month ended April 30, 2016. Friends and Fellow Investors: For April 2016 the Stanphyl Capital Fund was up approximately 2.1% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 0.4% while the Russell 2000 was up approximately 1.6%. Year to date the fund is up approximately 11.4% net while the S&P 500 is up approximately 1.7% and the Russell 2000 is unchanged. Since inception on June 1, 2011 the fund is up approximately 93.1% net while the S&P 500 is up approximately 70.5% and the Russell 2000 is up approximately 42.8%. (The S&P and Russell performances are based on their “Total Returns” indices which include reinvested dividends.) As always, investors will receive the fund’s exact performance figures from its outside administrator within a week or two. In mid-April I increased our short position in the S&P 500 (via the SPY ETF) when it came within 2% of its all-time high, as I believe the broad market is now even more overvalued within the context of  sliding  profit margins and  awful corporate earnings… …which I expect to further decline as  the world enters a recession. Meanwhile, the S&P 500’s price-to-sales multiple is nearly back to the bubble level of 2000: Trailing S&P 500 GAAP earnings (including the preliminary Q1 2016 estimate) are approximately just $88 and a 16x multiple on that (generous if earnings stay flat or worsen as I expect them to, and yet some “generosity” is probably warranted considering how low interest rates are) would put the S&P 500 all the way down at 1408 vs. its April close of around 2065.

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CUI Global (CUI)

From our colleague Barry Pasikov’s Hazelton Capital Partners 2015 letter to investors

CUI Global (CUI) Current Holding

CUI Global is a manufacturing and service company with two very distinct revenue segments. The majority of its revenues and earnings is currently derived from designing and selling power supplies, transformers, converters and connector for original equipment manufactures (OEMs); a slow growing but steady business with predictable margins. To augment the power supply business, CUI made two acquisitions focused on the natural gas industry: Exclusive license and eventual ownership of GasPT2 technology in 2009 and in 2013, Orbital Gas Systems, and its VE Probe. GasPT2 is a technology that is able to measure the physical properties of gas sample and infer its composition in nearly real time. When combined with Orbital’s VE Probe, which can safely and quickly draw natural gas out of pipelines, the two create a gas chromatograph (GC), an instrument used to measure the methane content (energy content) of natural gas. Up until recently, a GC was used primarily in a lab setting, but with the increase in natural gas production from traditional and shale deposits, natural gas has become the main energy source for many countries, especially in Europe.

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Foundry Capital February letter

 

Troy Marchand’s Foundry Value Fund commentary for the month ended February 29, 2016.

The Foundry Value Fund was down 1.48% for the month of February, while the Russell Microcap Index was down 1.51% during the same period. This brings our year-to-date return to -9.85% compared to -11.69% for the Russell Micro-cap Index. We have several new ideas in the pipeline we are vetting out. We are still fairly cautious to put much cash to work in this environment, but are finding a few interesting special situation ideas from up north and overseas.

Foundry Value Fund – New Position:

Foundry Capital February letter

The following is from Foundry Capital’s February letter to investors. Foundry was profiled in our January issue. Some updates and a new position. If you would like to talk to the portfolio manager about any positions feel free to contact below.

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Foundry Capital February letter

 

Troy Marchand’s Foundry Value Fund commentary for the month ended February 29, 2016.

The Foundry Value Fund was down 1.48% for the month of February, while the Russell Microcap Index was down 1.51% during the same period. This brings our year-to-date return to -9.85% compared to -11.69% for the Russell Micro-cap Index. We have several new ideas in the pipeline we are vetting out. We are still fairly cautious to put much cash to work in this environment, but are finding a few interesting special situation ideas from up north and overseas.

Foundry Value Fund – New Position:

Foundry Capital February letter

The following is from Foundry Capital’s February letter to investors. Foundry was profiled in our January issue. Some updates and a new position. If you would like to talk to the portfolio manager about any positions feel free to contact below.

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