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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Starvine Capital posted solid 2023 returns of 13.5-15.2% but lagged the mega-cap tech driven S&P 500."
Starvine Capital delivered solid performance in 2023 with the Flagship Strategy returning 13.5% and Mid-Large Cap Strategy returning 15.2%, both outperforming the TSX but trailing the S&P 500's 23.7% return in Canadian dollars. The performance gap reflects the concentrated outperformance of mega-cap technology stocks, particularly the Mega Cap-8 (Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, NVIDIA, and Tesla), which drove the market-weighted S&P 500 significantly higher than its equal-weighted counterpart. Manager Steven Ko acknowledges the widening divide between large-cap and SMID-cap stocks but maintains his disciplined bottom-up approach rather than timing mean-reversion trades. The firm expanded administrative offerings by introducing RESP and FHSA accounts on a zero-fee basis for households with over $1 million in assets. Ko emphasizes the importance of long-term compounding and staying focused on fundamentals while tuning out short-term market noise.
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