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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Driven by profitable short positions while European longs declined."
The Bronte Amalthea Fund delivered 1.20% in June 2024, with quarterly returns of 1.96% versus 0.51% for the MSCI World Index. The fund's annual return reached 19.95% compared to 19.29% for the benchmark. Performance was driven by short positions contributing gains while long positions remained flat overall. European holdings including Croda PLC and Merck KGAA declined during the month, offsetting gains from large-cap US positions Amazon, Alphabet, and Regeneron. The fund operates as a global long/short strategy designed to maximize risk-adjusted returns over three-year periods while reducing permanent capital loss risk. The diversified short book serves as both a risk management tool and profit generator during challenging market conditions. With 12.56% annualized returns since inception versus 13.61% for the benchmark, the fund demonstrates its ability to deliver competitive performance while maintaining lower drawdown risk through its differentiated approach to global equity investing.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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