Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Alta Fox Capital Management’s Q1 2019 Investor Letter

Alta Fox Capital Management is a Fort Worth, Texas-based long/short hedge fund, that was launched in April 2018 by Connor Haley. Before launching his own fund, Connor Haley honed his investment acumen as an analyst at Scopia Capital and at Goldman Sachs’ Sachs’ Special Situations Group. He was also investing his personal capital and providing investment advising for his family and friends for more than 10 years. Connor’s expertise is investing in small and micro-cap stocks. He earned an A.B. in Government from Harvard College, graduating magna cum laude. Alta Fox Capital Management has just released its Q1 2019 Investor Letter, which you can track down below. The fund reported beating the S&P 500 in the first three months of 2019 by somewhat higher than 14 percentage points, delivering 28.10% net return.

“Limited Partners,

In Q1 2019, the fund increased 35.14% gross and 28.10% net compared to 13.65% for the S&P 500. The average net exposure during the quarter was 80.36%. Since inception in April 2018, the fund has returned 47.77% gross and 36.63% net compared to 9.50% for the S&P 500, 2.05% for the Russell 2000, and -2.36% for the Russell Microcap Index. See appendix for further details.

I am proud of the fund’s early results. We managed to outperform both the general market and small and micro-cap indices during both a bearish environment last year and thus far in a bullish environment in 2019. Most importantly, we have accomplished these results with strict risk controls, no gross leverage, and a disciplined research process.

While I am pleased the fund is off to a strong start, I attempt to ignore short-term fluctuations and instead focus on the intrinsic value growth in our portfolio holdings, which over the long-run should converge with portfolio performance. I encourage limited partners to do the same (both in times of outperformance and underperformance). I firmly believe that in the long-run, our strategy of buying high-quality and underfollowed businesses at cheap prices will deliver attractive absolute and relative returns.”

 

You can download a copy of Alta Fox Capital Management’s Q1 2019 Investor Letter here:

Q1+2019+Alta+Fox+Capital+Quarterly+Letter-+Final

You can also see the list of our 2019 Q1 investor letters and download them on this page.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...