Dear Partner:

Arquitos returned -6.6% net of fees in the second quarter of 2018, bringing the year-to-date return to -12.6%. Our annualized net return since the April 10, 2012, launch is 26.8%. Please see page four for more detailed performance information. Individual performance may vary.

2018 has been an interesting year for the portfolio for a variety of reasons. As I explained at our annual meeting last month, we have had strong operational performance from most of our larger positions, particularly MMA Capital and Westaim. The price of their shares, on the other hand, has not been commensurate with that operational success. This is not surprising because there is no reason to believe that markets should be efficient over short time periods. Though it is, perhaps, easier to remind you to ignore short-term changes in value of the portfolio when that value is going up!

Full letter available to subscribers below:

This content is exclusively for paying members. Access all of our top quality content by signing up below.

If you are subscribed and are having an account error, please clear cache and then cookies if that does not work email and we will get back to you as quick as humanly possible.

Register New Account

Choose your membership level

Choose Your Payment Method