Bireme Capital’s Q1 2022 Investor Letter

Bireme Capital, an investment management firm, published its 1st-quarter 2022 investor letter – a copy of which can be downloaded here. Fundamental Value had a solid quarter, essentially flat against a loss of -4.6% for the S&P 500. The fund’s short positions made the difference. Its average short name was down -by 17% and the short book contributed 5.5% to the quarter’s return. FV has compounded at 24.7% net of fees since inception in 2016, outperforming the S&P 500 by 8.6% annually. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.