Arquitos Capital Q4’18 Investor Letter

New York-based hedge fund Arquitos Capital has published its Q4 investor letter – you can download a copy below. The fund returned a loss of 31.3% net of fees in 2018, versus a loss of 4.4% for the S&P 500.

The letter discussed Enterprise Diversified, MMA Capital Holdings, and WESTAIM.

“Our fourth largest position trades at less than 2 times EBITDA. We own another company that trades for 75% of its liquidation value. We own a company that has a 7% plus dividend yield and trades at 70% of book value. We own the Berkshire long-dated options that I talked about last quarter, and we were able to add to them at much lower prices,” Arquitos said about other portfolio holdings.

You can download the copy here.