Bradfield Investments’ Q1 2019 Investor Letter

Bradfield Investments recently shared its Q1 2019 Investor Letter, a copy of which you can download below. The fund reported YTD return of 10.19% underperforming the S&P 500 which generated a return of 17.75% in the same period.

Dear Partners,

Year to date our portfolio has returned 10.19%, and our annual return for the year ending 2018 was 15.39%. Comparatively, the S&P500 has returned 17.75% YTD, but returned a whooping-4.85 for 2018.

We added to our positions in Reckitt Benckiser and Summerset, and maintained our position in Republic Services. We also added Apple to our portfolio when it dipped to$140 per share,a substantial discount to its intrinsic value.”

You can download a copy of Bradfield Investments’ Q1 2019 Investor Letter here:

Bradfield Investments q1 2019

You can also see the list of our 2019 Q1 investor letters and download them on this page.