Dear Partners and Friends,

First and foremost, I hope you are all keeping safe and healthy these last few months.

Given the market volatility in the past few weeks, I thought it would be suitable to give you an update on our portfolio a couple weeks early, before our usual Q1 2020 investor letter is sent out.
Hayden Capital Performance
During the first quarter of 2020, our portfolio gained +4.1% vs. the S&P 500’s -20.0% loss and the MSCI World’s -21.1% decline. Since inception, we have compounded at +12.04% annualized, vs. +6 . . .

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