Trapeze Asset Management released its second-quarter investor letter recently, which detailed some of the fund’s moves during the period. With the U.S stock market at all-time highs, the fund found it challenging to unearth bargains. It also sold off a number of positions as the prices on those stocks ran past the fund’s fair market value (FMV) estimates.
Toronto-based Trapeze was established in 1999 by co-founders Herbert and Randall Abramson. The fund builds focused individual portfolios...
