Lakewood Capital Management letter to investors for the second quarter ended June 30, 2016 obtained by ValueWalk- below is an excerpt discussing their short positions.

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In the quarter ended June 30, 2016, the fund recorded a net gain of 1.3%. At quarter end, the fund’s equity exposure was 77.7% long and 37.9% short for a net equity exposure of 39.8%. In addition, the fund was 3.7% long and 0.2% short fixed income securities for a net fixed income exposure of 3.5%.1 capital and the top ten positions constituted 38.8% of equity capital.

Review of the Quarter

The fund generated a net gain of 1.3% in the quarter. Long equity positions generated a +2% return on capital, hedged long equity positions generated a +10% return on capital, short equity positions generated a -1% return on capital and fixed income positions generated a +8% return on capital.

Lakewood Capital on short positions

Below, I briefly discuss our views on our short positions in two Australian banks and Core Laboratories.

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