Here’s Why Saga Communications (SGA) Increased in Q4

Merion Road Capital, an investment advisor, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Merion Road Small Cap Fund returned 11.2% and 11.5% for the full year. From an attribution perspective, +5.2% came from the risk-free rate, +3.9% from our market exposure, and +2.5% from alpha. Similarly, the long-only portfolio increased by 9.8% in Q4, bringing the yearly returns to 38.7%. In addition, you can check the top 5...