Corsair Capital’s 1Q15 Letter: Long Orbital ATK

Corsair Capital’s 1Q15 Letter: Long Orbital ATK

Corsair Capital’s first quarter 2015 letter to shareholders and a pitch on Orbital ATK via Market Folly


Corsair Capital’s First Quarter 2015 Letter

Dear Limited Partner:

For the first quarter ended March 31, 2015, Corsair Capital was up an estimated 3.1%* net, after all fees and expenses. Corsair Select was up an estimated 6.1%* net, after all fees and expenses. Since inception in January 1991, Corsair Capital’s compounded net annual return is 13.8%. Since inception in January 2004, Corsair Select’s compounded net annual return is 13.6%.

Bonhoeffer Fund July 2022 Performance Update

Screenshot 27Bonhoeffer Fund's performance update for the month ended July 31, 2022. Q2 2022 hedge fund letters, conferences and more The Bonhoeffer Fund returned 3.5% net of fees in July, for a year-to-date return of -15.8%.   Bonhoeffer Fund, LP, is a value-oriented private investment partnership for . . . SORRY! This content is exclusively for Read More

As we started the year, deflation seemed to be on everyone’s mind. While sports fans debated deflated footballs used by the New England Patriots, global investors were worried about deflation caused by sputtering economies and the continued austerity measures required by many governments to bring their national budget deficits under control. Greece remained the poster child for these countries/governments and when the upstart Syriza Party won control of its parliament, investors remained gloomy about the ramifications of a Greek exit from the European Union.

In the U.S., investors’ eyes once again turned to Janet Yellen and when the Fed might lift interest rates. In February, the Fed cited that “the employment situation in the United States has been improving on many dimensions.” Furthermore, parsing her words in a manner which would make her predecessors proud, Ms. Yellen said, “conditions have improved to the point where it will soon be the case that a change in the target range could be warranted at