Silver Ring Value Partners’ Q3 2021 Investor Letter

Silver Ring Value Partners, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here.  The portfolio ended the quarter at a very attractive Price to Base Case Value ratio of 56%, which makes me excited about its future prospects. At the end of Q3 2021, the portfolio was very attractively priced, with the Price to Base Case value ratio at 56%. The portfolio had 15 investments plus hedges, cash at 1%, and option-adjusted net exposure at 68% at the end of the quarter. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.