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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Long Cast Advisers targets five-year doubles in small-cap stocks, exploiting market inefficiencies through concentrated fundamental research. Significantly outperforming small-cap benchmarks."
Long Cast Advisers is a small-cap focused RIA that targets five-year doubles - companies capable of doubling their stock price over five years for a 15% CAGR. The fund exploits two key market inefficiencies: the tendency to ignore small companies and short-termism. Manager Avram Fisher brings extensive experience as an equity research analyst at CSFB and BMO Capital, plus corporate governance and private equity background. The strategy emphasizes deep fundamental research, sound reasoning, and developing variant perspectives grounded in probability. The fund maintains a concentrated approach with top-5 positions representing 49% of the portfolio. Performance has been strong with 13.6% annualized returns since inception in November 2015, significantly outperforming the Russell 2000's 6.8% and IWC's 5.3%. The fund delivered 10.6% in Q2 2023 and 16.9% year-to-date. Key contributors included MMMB, MTRX, ENVX, and SIFY, while detractors were CCRD, RELL, DAIO, and PESI. The strategy targets patient capital appreciation through disciplined small-cap value investing.
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