Silver Ring Value Partners’ Q1 2023 Investor Letter

Silver Ring Value Partners, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -11.4% (net) in the last twelve months compared to a -8.6% return for the Russell 3000 Index and a -6.5% return for the MSCI World Index for the same period. It’s a challenging environment for the fund to find compelling investments that combine business quality and a margin of safety. You can check the top 5 holdings of the fund to know its best picks in 2023.