Andvari Associates’ Q1 2019 Investor Letter

Andvari Associates is an Atlanta-based investment management firm that currently holds more than $10 million in assets under management. It was launched six years ago by its current CIO, Douglass Ott, who previously worked at Banyan Capital Management as Analyst and Portfolio Manager. Andvari Associates usually runs a moderately concentrated portfolio, with its 6-8 top positions accounting for 50% of net assets. Recently, the fund released its Q1 2019 Investor Letter – a copy of which you can download below. Among other things in the letter, Andvari Associates reported its quarterly return of 28.1%, beating the S&P 500 which gained 13.6% in the first quarter of 2019.

“Andvari’s performance in the first quarter was excellent for several reasons. First, we had the benefit of starting from a low base given the negative performance in the fourth quarter of 2018. Second, many of Andvari’s holdings experienced a confluence of positive news and results. Finally, for some of the taxable accounts Andvari manages, we took on leverage to invest in several companies whose share prices had fallen far too much. Most of these accounts are up 36% in the first quarter.”

You can download a copy of Andvari Associates’ Q1 2019 Investor Letter here: