Whitney Tilson’s latest letter to investors, which was reviewed by ValueWalk, can be found below.
The Kase Fund was up 5.4% in October vs. 4.6% for the S&P 500 and 1.8% for the HFRX Equity Hedge Index. Year to date, the fund is up 12.0% vs. 25.3% for the S&P and 8.6% for the HFRX Equity Hedge Index.
Since its inception in January 2012, the long book of the Voss Value Fund, Voss Capital's flagship offering, has substantially outperformed the market. The long/short equity fund has turned every $1 invested into an estimated $13.37. Over the same time frame, every $1 invested in the S&P 500 has become $3.66. Q1 2021 hedge fund Read More
Driving the fund’s performance on the long side in October were Grupo Prisa (the A and B shares rose 17.2% and 29.3%, respectively, thanks to the company refinancing its debt), Canadian Pacific Railway Limited (TSX:CP) (NYSE:CP) (up 16.0% on strong earnings),dELIA*s Inc. (NASDAQ:DLIA) (14.0%), and Avis Budget Group Inc. (NASDAQ:CAR) (8.7% — also strong earnings). On the short side, the big winners were K12 Inc. (NYSE:LRN) (-40.8%) and Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) (-16.6%), both of which I discussed in my Q3 letter.
In the Q3 letter discuss my latest thinking on holding cash and long exposure, casting a wider net, and adjustments to my short strategy. I also share my analysis of my newest long position (and first ever outside of North America), Hyundai Motor Co (KRX:005380) preferred stock, and two of my favorite shorts, K12 and Green Mountain Coffee Roasters (which David Einhorn also discusses in his Q3 letter, posted here: www.marketfolly.com/2013/10/david-einhorn-shorts-more-green.html)
Whitney Tilson Q3 letter embedded below
quarterlyletter-Q313 (1).pdf by ValueWalk.com