Kerrisdale Capital Investor Letter: The Bullish Thesis That Lead to 80% Q3 Returns

Sahm Adrangi‘s Kerrisdale Capital was the top performing hedge fund tracked by our database in Q3 according to our returns methodology. The fund had 9 long positions in billion-dollar companies on June 30, with those positions delivering weighted average returns of just under 50% during Q3. That was more than double the calculated returns of every other fund that we track in our system, save for WL Ross & Co. LLC, founded by current United States Secretary of Commerce Wilbur Ross.

Back in June, Kerrisdale Capital released an investor letter that shared its comprehensive thesis on the untapped value of Intelsat S.A. (NYSE:I), which the fund took a gargantuan position in during Q2, which accounted for over 58% of the value of its 13F portfolio. As evidenced by its estimated quarterly returns, the gamble was a huge success, as Intelsat shares jumped by 80% in Q3.

The investor letter, which also goes into detail on another satellite operator, SES S.A., can be downloaded here.

Disclosure: None