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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund targets undervalued small- and micro-cap equities globally through fundamental analysis."
Hirschmann Partnership LP delivered strong performance in Q1 2025 with a 28.7% return, significantly outperforming the S&P 500's -13.4% decline. The fund focuses on fundamental analysis of small- and micro-cap equities in U.S. and foreign markets, seeking securities trading at large discounts to actual value. Since inception in October 2014, the fund has generated an annualized return of 11.9%, outpacing the S&P 500's 11.4% and demonstrating particular strength during volatile periods. The fund's performance has been characterized by significant volatility, with notable gains in 2015 (27.0%), 2016 (47.1%), 2019 (63.3%), 2020 (52.1%), 2023 (42.6%), and 2024 (61.8%), offset by substantial declines in 2017 (-12.6%), 2018 (-23.0%), 2021 (-23.7%), and 2022 (-53.0%). The fund operates with a performance-based fee structure and emphasizes long-term investment horizons for optimal assessment of results over full market cycles.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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