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Merion Road Capital Management’s Q2 2019 Letter

Merion Road Capital Management LLC, a registered investment adviser based in Miami, Florida, recently released its investor letter for Q2 2019, a copy of which you can download below. The founder and Chief Investment Officer of Merion Road Capital Management, Aaron Sallen has a professional investment experience in both public and private markets. Before founding MRCM, Mr. Sallen worked at Napier Park Global Capital, a multi-billion dollar hedge fund, where he was in charge of public equity investments, and prior to Napier, Mr. Sallen worked at Macquarie Capital. He received his B.A. from Dartmouth College (Cum Laude) in 2006 and his M.B.A. from The University of Chicago in 2012. At the beginning of the letter, the fund reported its return of 4.6% for the second quarter of 2019.

“The Long Only fund returned 4.6% for Q2 2019. As I mentioned in my last letter, I held a significant amount of cash to be deployed should I come across an attractive investment opportunity. Over the past three months I built a small position in a few new companies and selectively added to existing positions, thereby reducing our cash to 11%. During March of this year I initiated a new holding in KAR Auction Services and have increased our ownership over the past three months. Up until a few weeks ago the company consisted of three businesses that serve the used auto industry: salvage auctions, whole car auctions, and dealer floorplan financing. At the end of June they spun off their salvage auction business as a standalone company called Insurance Auto Auctions (“IAA”). While I am optimistic about both IAA and remainco (“KAR”), I particularly like IAA and have directed the majority of our exposure to this entity.”

You can download a copy of Merion Road Capital Management’s Q2 2019 Letter here:

Merion Road Capital Management’s Q2 2019 Letter

You can also see the list of our 2019 Q2 investor letters and download them on this page.

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