Whitney Tilson wrote around 800 words regarding his ‘irritation’ about an article on Bill Ackman. However, Whitney Tilson has still found time to write a shareholder letter for his new hedge fund, Kase Capital. The letter has just been obtained via an email. Tilson’s top position is American International Group Inc (NYSE:AIG), followed by Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B), Howard Hughes Corp (NYSE:HHC), and Deckers. Kase Capital was up 6.7% for the first quarter of 2013, almost identical to the number which ValueWalk predicted.
So Einhorn is up around 6% and so is Ackman does that mean Kase Capital is also up 6%?
— Jacob Wolinsky (@JacobWolinsky) April 3, 2013
Tilson announced that he is shorting Nokia, which is a favorite short for many Tiger cubs, as well. Additionally, he is out with a new book and states ‘To preorder The Art of Value Investing, go to: www.amazon.com/exec/obidos/
Finally, Tilson leaves his cell phone number and states ‘If you have any comments or questions, please call me anytime on my cell phone at (646) 258-0687.’
A brief excerpt followed by the full letter embedded in scribd can be found below:
April 3, 2013
Our fund is off to a solid start to the year, rising 6.7% in the first quarter vs. 10.6% for the S&P and 11.9% for the Dow.
The fund’s returns were driven by nice gains across most of the long portfolio, with a special mention for Netflix, which more than doubled. Here is the Q1 performance of all 11 long stock positions in the fund as of the beginning of the year (disclosed in the 2012 annual letter), plus two new stocks I bought during the quarter (ranked in descending order of current size):