Stanphyl featured in our second edition - had a great year - the letter from December starts off with returns, macro, then Stanphyl's favorite short followed by the small cap positions. We will post those right after the intro since we think readers will be more interested in those but the full letter can be viewed below and a PDF at the bottom to view it in order.

Friends and Fellow Investors:

For December 2016 the fund was down approximately 2.9% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 2.0% while the Russell 2000 was up approximately 2.8%. For the full year 2016 the fund was up approximately 30.8% net while the S&P 500 was up approximately 11.9% and the Russell 2000 was up approximately 21.3%. Since inception on June 1, 2011 the fund is up approximately 126.9% net while the S&P 500 is up approximately 87.7% and the Russell 2000 is up approximately 73.2%. (The S&P and Russell performances are based on their “Total Returns” indices which include reinvested dividends.) As always, investors will receive the fund’s exact performance figures from its outside administrator within a week or two.

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