Praetorian Capital’s Q1 2023 Investor Letter

Praetorian Capital, an investment management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was down -2.09% net of fees. The firm believes the fund would be volatile from quarter to quarter considering its concentrated portfolio structure and focus on asymmetric opportunities. Fund’s core portfolio was able to maintain the position while the Event-Driven book posted small negative returns. For more information on the fund’s top picks in 2023, please check its top five holdings.