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 +8.9% for the MSCI World Index. During this period, our cash balance has averaged ~23% since inception, and ~14% in the most recent quarter.
The rest of the full letter is below for subscribers: