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:
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 email@example.com and we will get back to you as quick as humanly possible.