Palm Capital’s Q4 2021 Investor Letter

Palm Capital, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. Over the three months ending 31 December 2021, the portfolio increased by 4.8% after management fees & trading expenses. Since the fund started, four years ago, its portfolio has returned 14.7% per annum after management fees & expenses. We have outperformed the MSCI World Index by 3.0% per annum while holding better businesses and patiently waiting to...