Hayden Capital – Quarterly Letter (2018 Q1)

Dear Partners and Friends, Well, that was an interesting end to the quarter. Trade wars, Presidential tweets, administration shake-ups… the markets hate uncertainty, and this quarter delivered it in spades. Much of this is meaningless to us, given our 10-year investment lens. However, these events certainly cause volatility in the short-run, often driven by those without the luxury of the time horizon we have, who are trying to “trade around” Continue Reading →

Q1-2018 HCP Partners Letter

Dear Partner, Hazelton Capital Partners, LLC (the “Fund”) gained 1.8% from January 1, 2018 through March 31, 2018 and has returned 132% since its inception in August 2009. By comparison, the S&P 500 lost 0.8% in the same quarter and has returned 203% since the Fund’s inception. The Quarter in Review – Position Updates Hazelton Capital Partners ended the 1st quarter with a portfolio of 17 equity positions and a Continue Reading →

Dane 1Q Partners Letter

Dear Partner: We’re disappointed to report that in the 1 st quarter of 2018, Dane Capital Management (the “Fund”) generated a loss of 14.7%, net of fees and expenses. We certainly hoped to continue the momentum the Fund enjoyed last year, in which it produced a 50.2% return, net of fees and expenses. However, as we’ve stated, both when results have been disappointing or strong, Dane’s performance should be judged Continue Reading →

Arquitos Capital Partners – Q1 2018 Investor Letter

Dear Partner: Arquitos Capital Partners returned -9.1% net of fees in the first quarter of 2018. Our annualized net return since the April 10, 2012 launch is 30.2%. Please see page six for more detailed performance information. A few announcements before a discussion about the portfolio: Full letter for subscribers below: Please login to view the rest of this article – Not subscribed? Get our adfree exclusive content for only Continue Reading →

A $90M Stock With Lots of NOLs, tax credit carryforwards, Cash Etc Which Could Easily Double

Excerpt from the Stanphyl Capital letter to investors for the month of April 2018  discussing their long positions in two micro-cap plays. Stanphyl was profiled in the second edition of HVS and has had some of the best picks among all the funds we have profiled with 200%+ returns on some pitches. Teaser fror non subs followed by content for full members We continue to own XXXXXXXXXXXX, a designer and Continue Reading →