Protégé Partners LP is a $2.6 billion fund of funds located in New York. The fund was down 0.7% in the fourth quarter, and 6.3% for 2011. Since inception in 2002, the fund has returned a cumulative 81%.
Many of the firms’ biggest winners were funds which shorted Chinese fraudulent companies trading on US exchanges. Other big winners included; event driven special situation funds, event driven activist funds, energy and healthcare funds.
The fund is bullish for the year 2012 as investors will focus more on fundamentals and will be less concerned about macro considerations. The firm is allocating more money to emerging market funds including Asia where valuations have become cheap.
Here’s what Charlie Munger had to say at the Daily Journal meeting
Charlie Munger spoke at the Daily Journal Corporation's Annual Meeting of Shareholders today. Although Warren Buffett is the more well-known Berkshire Hathaway chief, Munger has been at his side through much of his investing career. Q4 2020 hedge fund letters, conferences and more Charlie Munger's speech at the Daily Journal meeting was live-streamed on Yahoo Read More
Net exposure has remained the same from year at approximately 30%.