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MPE Capital’s 2019 First-Half Letter to Investors

MPE Capital, founded by Michael P. Ershaghi, recently released its 2019 First-Half Letter, a copy of which you can download below.This is an investment management firm with a long-term horizon. In the letter, MPE Capital reported net return of 12.4% for non-qualified clients and 11.7% for qualified clients.

“Dear Fellow Investors,

For the first half of 2019, MPE Capital generated net returns of 12.4% for non-qualified clients and 11.7% for qualified clients. Our benchmark, the S&P 500 TR, gained 18.5% for the same time period. Our large cash balance after selling a position earlier in the year was a drag on performance, as well as the continued separation between business results and the market price of one of our holdings (which I will discuss later on).

I’ve amended the 2017 and 2018 net results in the table above because there was a small error in my calculations. This resulted in a very small discrepancy of less than 0.40%, but I want the figures to be as accurate as possible. All returns are based on an actual model account that has been open since inception. Due to the method in which Interactive Brokers charges fees, actual client statements will slightly overstate returns, as some fees for the previous period are shown in the following period statement.”

You can download a copy of MPE Capital’s 2019 First-Half Letter to Investors here:

MPE Capital’s 2019 First-Half Letter to Investors

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