Eight Bridges Capital Management letter to partners for the month ended July 31, 2015.
Eight Bridges Partners, LP performed well in July 2015, as our caution heading into the month was justified by subsequent market movements, particularly in small and mid-cap stocks. The Partnership returned 0.58% net of fees to Partners, ahead of the Russell 1000 Value Index (RLV) return of 0.44% and well ahead of the small cap Russell 2000 Value Index (RUJ) negative return of -2.76%. We did however trail the S&P 500’s 2.10% return, as our caution and low net exposure hurt us on a relative basis. We entered the month with a very high level of cash, and put some of it to work during the month on weakness. However, heading in