For March 2016 the Stanphyl Capital Fund was up approximately 9.3% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 6.8% while the Russell 2000 was up approximately 8.0%. Year to date the fund is up approximately 9.0% net while the S&P 500 is up approximately 1.3% and the Russell 2000 is down approximately 1.5%. Since inception on June 1, 2011 the fund is up approximately 89.0% net while the S&P 500 is up approximately 69.9% and the Russell 2000 is up approximately 40.6%. (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.
Stanphyl Capital - Short Positions
While our short positions (SPY and TSLA) worked against us this month, our longs--

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