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First Quarter Letter: Continuing to Stack the Deck

Please click here to read our first quarter letter. We review contributions to our performance, the great managers responsible, as well as some of our adjustments which have helped keep our portfolio’s risk-adjusted profile above 11x despite the recent outperformance of our key positions.

Fiat, Renault and Finmeccanica remain the cheapest stocks in their industry despite the recent performance, and are all going through their own unique profit-expansion programs.

The boom in biotech shares is resulting in big busts for negative Nancy’s in the industry, one of which we’re bottom-feeding on. This, along with a new UK small cap addition has helped keep the odds stacked in our favor and our pipeline remains very full.

This article has been distributed for informational purposes only.  Neither the information nor any opinions expressed constitute a recommendation to buy or sell the securities or assets mentioned, or to invest in any investment product or strategy related to such securities or assets.  It is not intended to provide personal investment advice, and it does not take into account the specific investment objectives, financial situation or particular needs of any person or entity that may receive this article.  Persons reading this article should seek professional financial advice regarding the appropriateness of investing in any securities or assets discussed in this article.  The author’s opinions are subject to change without notice.  Forecasts, estimates, and certain information contained herein are based upon proprietary research, and the information used in such process was obtained from publicly available sources.  Information contained herein has been obtained from sources believed to be reliable, but such reliability is not guaranteed.  Investment accounts managed by GreenWood Investors LLC and its affiliates may have a position in the securities or assets discussed in this article.  GreenWood Investors LLC may re-evaluate its holdings in such positions and sell or cover certain positions without notice.  No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of GreenWood Investors LLC. Past performance is no guarantee of future results.

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