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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Bronte's long/short fund struggled in Q3 as markets hit new highs, with key longs like Berkshire, Regeneron, and Visa underperforming while short book faced expected headwinds. Major short losses in Summit Therapeutics and Karuna highlighted biotech misjudgments."
Bronte Capital's Amalthea Fund posted a challenging Q3 2024, declining 3.72% versus MSCI ACWI's 2.54% gain as markets made new highs. The fund's 700-position short book performed as expected during the rally, but key long positions failed to participate meaningfully. Berkshire Hathaway fell mid-single digits while Regeneron dropped double digits on patent litigation concerns. Visa and Google declined due to Justice Department antitrust actions. The fund's largest short loss came from Summit Therapeutics, which surged 10-fold on positive cancer drug trial results. A previous Karuna Therapeutics short also proved costly after FDA approval and Bristol-Myers Squibb's $14 billion acquisition. The manager trimmed positions due to insufficient upside protection and is exploring enhanced hedging strategies. New investments include Capital One Financial, positioned to benefit from the transformative Discover acquisition that creates a payments network competitor to Visa. The fund maintains its long-term focus on dominant businesses while acknowledging current market conditions favor different strategies.
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