Andvari Associates’ Q3 2023 Investor Letter

Andvari Associates, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. In the initial nine months of 2023, Andvari saw a 6.9% increase net of fees, contrasting with the SPDR S&P 500 ETF’s 13% growth. Although Andvari performed well in the first half of the year, its performance weakened towards the end of the third quarter for two main reasons. The first was the resurgence of concerns about prolonged higher interest rates, which affected several assets that are highly sensitive to rate changes.Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.