GrizzlyRock Capital Q1 2018 Investor Letter

Fellow Partners, GrizzlyRock Institutional Value Partners, LP and GrizzlyRock Value Partners, LP (together “GrizzlyRock” or the “Fund”) decreased 7.52% net of expenses during the first quarter of 2018. Since inception, GrizzlyRock has been profitable each calendar year except for 2015 (in which Fund returned -1.0% net). While the first quarter was not additive, the Fund has a good probability of achieving a solid 2018 annual return. Full letter for subscribers Continue Reading →

Blue Tower Q4 2017 Investor Letter

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 →

Boyles Fund 4Q16 Letter To Partners – Things that Don’t Make Sense

Here’s the year-end update from Boyles Asset Management, the firm we featured in our October 2016 publication. Unfortunately, for compliance and regulatory reasons, Boyles have asked us not to publish the firm’s returns for 2016. Here’s the rest of the Boyles letter (excluding returns) in full. Quick Portfolio Updates Creston Creston, a smaller holding, was bought out by its largest shareholder in November. While we were cautious of this shareholder’s intentions, Continue Reading →

Stanphyl Capital: January Update

Below is Stanphyl Capital’s January update in full. The firm has got off to a rocky start to the year but is still beating its benchmarks by a wide degree since inception. Stanphyl Capital: January Update Friends and Fellow Investors: For January and year to date 2017 the fund was down approximately 3.9% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while Continue Reading →