Bireme Capital Q3 Investor Letter

Bireme Capital recently published its Q3 investor letter (you can download a copy below). In the letter, the hedge fund said that its flagship U.S. equity strategy, Fundamental Value, had a solid quarter, returning 4.2% on a gross basis. The return slightly trailed the S&P’s 4.4% and brought gross returns to 35.3% and 22.5% for Fundamental Value and the S&P 500, respectively, since the strategy’s inception in June 2016.

During the third quarter, Bireme Capital trimmed its stakes in some of largest positions such as Apple, Samsung, and Berkshire Hathaway. Meanwhile, the investor made significant additions to Express Scripts and 21st Century Fox.

You can download a copy of Bireme Capital’s Q3 investor letter here.