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RLT Capital LLC’s First Half 2019 Partner Letter

RLT Capital LLC, an investment management firm based in Phoenix, Arizona, released its First Half 2019 Partner Letter – a copy of which you can download below. The firm’s fund was founded on May 1, 2014, and its main contact is Stephen J. Pomeroy. Pomeroy, a Gonzaga University alumnus, started his career by working as an Analyst Intern at Berkshire Hathaway for a year. He also worked as an Analyst at JPMorgan Chase for 2 years. In 2008, he co-founded Discount Metrics Corp. and then started working as a Managing Partner at Pomeroy Companies.

In its report for the first half of 2019, RLT Capital announced a 43.3% gain. The fund returned ~114.7% return since its inception, which compares to ~73.8% return delivered by S&P 500 Total Returns.

“During the first six months of 2019, the Fund increased by ~43.3%. Since inception, the Fund has returned ~114.7% compared to the ~73.8% delivered by the S&P 500 Total Returns (our benchmark).

For the first time in a long time, no new names were added to the Fund. Instead, the Fund remained concentrated in the names we know and love, and spent much of the first-half reaping the benefits of that loyalty. Along those lines, during the first-half, the Fund:

– increased our positions in Apple and Quotient Technology,

– trimmed our position in Verisign,

– exited our position in Entravision, and

– began Q3 with ~25% of the portfolio in cash.

———

Big Dreams May Have Small Beginnings . . .

May 1st marked the Fund’s 5-year anniversary.

From the start, the goal in writing these letters has always been to provide the sort of information I would want if our roles were reversed. With that goal in mind, previous letters have primarily focused on what the portfolio owns and why. Such portfolio commentary is not only important to know, but also (much) easier to write than the sort of biographical information that often runs the risk of self-indulgence. That said, the five-year mark seems as good a time as any other to embrace the risk of a bit of self-indulgence. Accordingly, in the spirit of providing all the information I would want to know, the following pages share the journey of the Fund itself.”

You can download a copy of RLT Capital LLC’s First Half 2019 Partner Letter here:

RLT Capital LLC’s First Half 2019 Partner Letter

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

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