Bireme Capital’s Q4 2021 Investor Letter

Bireme Capital, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be seen here. Fundamental Value had its best year ever in 2021, returning 48.5% net of fees vs 28.7% for the S&P 500. The fund has now compounded at 25.9% net of fees since inception in June of 2016, beating the market by 800 bps annually over more than half a decade. While this level of absolute returns is unlikely to be sustainable, Bireme Capital is as confident as ever in its ability to significantly outperform a still richly-valued equity market.  Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.