Moreus Q4 letter to investors 2017 seemed to be one of those periods for the Fund, as the “FAANG stocks1” and many other tech stocks zoomed to new heights, in our view without much (if any) regard to business fundamentals, intrinsic values, and most importantly, risk. Against the backdrop of an over 8½- year bull market that has seen the S&P 500 generate a total return of over 330% since Continue Reading →
Q4 and some January more updates Please login to view the rest of this article – Not subscribed? Get our adfree exclusive content for only a few dollars a month. It also helps us fund our operations so think of it as supporting quality journalism.
Dear Partners and Friends, Our portfolio closed out 2017 on a strong note. During the fourth quarter, Hayden Capital’s portfolio gained +11.6% (net of fees), and finished 2017 with a +28.2% return for the full year. Comparatively, the S&P 500 and MSCI World Indices were up +21.8% and +24.4%, respectively. This brings our compounded annual return to +13.4% (net of fees) since inception, versus +11.3% for the S&P 500 and Continue Reading →
Dear Fellow Investors, If you want to have the quarters where the partnership is up substantially, you must accept the periods where the partnership is down 10% or more, since it is almost impossible to have one without the other. In 2017, the S&P 500 was up 12 months in a row, but our partnership was not. We are trying to buy companies where we look at the long-term risk/reward Continue Reading →
The Global Value strategy composite returned 10.42% gross (10.11% net) for Q4 2017 and 25.28% gross (23.93% net) for the year. Our previous letter outlined our reasons for increasing our portfolio holdings of Japanese equities. This move continued in Q4 and into the first few weeks of this year. Currently, we have positions in 8 Japanese equities, all of which are “small caps” and 5 of which lack sell-side analyst Continue Reading →