Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

The Goodwood Funds’ 2018 Annual Report

The Goodwood Funds is an investment management firm with a 20 years long tradition. It is headquartered in Toronto, Canada. Its investment philosophy is value-oriented, with a focus on credit opportunities and special events. Its founder, chairman, and CIO is Peter Puccetti, a Chartered Financial Analyst. Prior to launching The Goodwood Funds, Peter honed his investment acumen at Sprott Securities Limited. He earned his BA in Economics from Dalhousie University. Recently, The Goodwood Funds released its 2018 Annual Letter, a copy of which you can download below.

“For the year ending December 31, 2018, the Goodwood Fund’s (the “Fund”) net asset value (“NAV”) per Class “A” units and Class “B” units both decreased by -16.6%, while the NAV per Class “F” units decreased by -15.7%. The S&P/TSX Composite Total Return Index (“TSX”) decreased by -8.9% in the same period.

From October 31, 1996 (commencement of the offering of the Fund Class “A” units) through to December 31, 2018, the Fund has returned +7.5%per annum net (after all fees) versus the TSX’s per annum return of +7.1%.*

No distributions were paid on December 31, 2018.

The Fund’s 2018 audited financial statements are attached for your review.

During 2018 (based on month end figures), the Fund averaged an 102.1%invested position (i.e., market value of long positions plus market value of short sale positions as a percentage of the Fund’s equity). At one extreme, the Fund was 118.6%invested, composed of 91.3%long and 27.3%short, leaving a “net market exposure” (i.e., longs minus shorts as a percentage of the Fund’s equity) of 64.0%. At the other extreme, the Fund was 90.0%invested, or 90.0%long and 0.0%short for a net market exposure of 90.0%.

All figures in Canadian dollars unless otherwise noted. “Fund” refers to just the Goodwood Fund while “Funds” refers to the Goodwood Fund, Goodwood Capital Fund, Goodwood Milford Fund, Goodwood Milford Fund Trust and other investment pools that Goodwood Inc. manages.”

 

You can download a copy of The Goodwood Funds’ 2018 Annual Report here:

Goodwood-Annual-Report-2018

You can also see the list of our 2019 Q1 investor letters and download them on this page.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...