Value Investing

Bronte Capital Feb Update: Gains On Medical Tech, Retail, And Mining Shrots

Bronte Capital Callisto Fund letter to partners for the month of February 2018.

The Bronte Capital Callisto Fund L.P. is a global long/short fund targeting double digit returns over the long term, advised by a performance orientated firm with a process and portfolio that is genuinely different. Objectives include lowering the risk of permanent loss of capital and providing global diversification without the market/drawdown risks typical of long-only funds. A highly diversified short book substantially reduces risk and enables profits to be made in tough markets.

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Bronte Capital Callisto Fund

In a turbulent month for global markets the Bronte Callisto fund rose by 1.0% (whereas the broad based ACWI global index was down by 4.2%). Despite this steep market decline our long portfolio proved resilient and, although being slightly leveraged, contributed less than half of the fall seen in the ACWI. The longs were more than made up for by our shorts. Major individual contributors were long positions in Herbalife and Interactive Brokers. Australian mining and retail shorts proved useful and a USA medical technology firm, the fund held a short position in, declined by more than 50%.

Bronte Capital Callisto Fund

Bronte Capital Callisto Fund