Evermore Global Advisors, LLC is a Summit, New Jersey-based investment management firm. It was co-founded by David Marcus and Eric LeGoff in 2009. The fund looks for stocks that are, according to its estimation, undervalued and that poses some kind of catalyst that could help them gain back its intrinsic value. Hence, the fund relies on special situation investment philosophy, it covers a variety of industries and sectors, and it usually runs a concentrated portfolio. Recently, Evermore Global Advisors released its Investor Letter for the first quarter of 2019, which you can track down below. In the letter, the fund posted a 6.54% return for the quarter underperforming its main benchmark indexes.
The end to the U.S. Government shutdown, reports of progress on China-U.S. trade talks,and the Federal Reserve’s confirmation that it did not plan further interest rate hikes in 2019 allayed investor fears and drove U.S. markets substantially higher in the first quarter of the year. Global markets followed suit pretty much across the board delivering what some market participants described as a “V-shaped” recovery.
While we did participate in the rebound, the Institutional shares of the Evermore Global Value Fund(the “Fund”)were uponly6.54% for the first quarter, which lagged the Q1 performance of our primary benchmark index and peer group. The chart below shows performance of the Fund’s Institutional Class shares (“EVGIX”), the HFRX Event Driven Index (“HFRX ED”), the MSCI All Country World Index ex USA (“MSCI ACWI ex USA”), the MSCI All Country World Index (“MSCI ACWI”), and the Morningstar Small/Mid World Stock Category Average for the quarter ending March 31, 2019.
You can download a copy of Evermore Global Advisors’ Q1 2019 Investor Letter here:
You can also see the list of our 2019 Q1 investor letters and download them on this page.