Silver Ring Value Partners’ Q4 2021 Investor Letter

Silver Ring Value Partners, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here.  At the end of the fourth quarter of 2021, the portfolio was very attractively priced, with the Price to Base Case value ratio at 54%. The portfolio had 15 investments plus hedges, cash at 1%, and option-adjusted net exposure at 71% at the end of the quarter.  Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.