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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Continuing its volatile small-cap value strategy. Underperforming the S&P 500 but showing resilience through market cycles."
This document is a performance report for Hirschmann Partnership LP, a fund focused on small- and micro-cap equities in US and foreign markets. The fund delivered a 14.3% return in Q1 2024, continuing its volatile but positive long-term track record. Since inception in October 2014, the fund has generated a 6.3% annualized return net of fees, underperforming the S&P 500's 12.7% but outperforming gold miners indices. The fund's strategy involves fundamental analysis to identify equities trading at large discounts to actual value. Performance has been highly volatile, with annual returns ranging from +63.3% in 2019 to -53.0% in 2022. The fund operates with a performance-based fee structure, charging 25% of returns above a 6% hurdle for Class A investors and 33% above S&P 500 performance for Class B investors. The document emphasizes that investments should be considered long-term and assessed over full market cycles rather than short periods.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon