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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Outperforming markets through patient value investing and disciplined short selling."
Symmetry delivered 7.1% net returns in H1 2024, outperforming European smallcaps which gained only 3.1%. The fund's long/short strategy proved effective with long positions returning 6% versus market's 3%, while shorts remained flat, creating a 6% spread. The manager emphasizes patience as underlying portfolio companies perform better than their stock prices indicate, making the portfolio increasingly attractive. Key learnings focus on the fragility of unit economics, where the manager acknowledges past mistakes in linearly extrapolating good unit economics. The fund has achieved 17.9% annualized returns over 11 years through disciplined short selling, outperforming markets on the short side in 9 of 10 years. Going forward, Symmetry will intensify stress-testing of investment cases, particularly around unit economics assumptions, while maintaining their patient value approach. The strategy combines defensive smallcap value investing with skillful short construction to deliver lower risk and superior long-term returns.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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