Links & Letters Gallery
Cumulative returns on accounts managed by Long Cast Advisers decreased 7.4% in 2Q18, net of applicable fees. This was worse than the various indices against which we benchmark ourselves. Year to date returns through June 30, 2018 is (8.6%) net of fees. Since inception, we have returned a cumulative 61% net of fees, ahead of our benchmarks.
LCA 3Q18 Letter
Cumulative returns on accounts managed by Long Cast Advisers increased 9% in 3Q18, net of applicable fees. This was mixed against the baseline market indices. Returns for separate accounts managed by LCA ranged from 4% to 16% for the quarter. Year to date returns through September 30, 2018 are flat. Since inception nearly three years ago, we have returned a cumulative 75% net of fees.
2Q18 Letter
Cumulative returns on accounts managed by Long Cast Advisers decreased 7.4% in 2Q18, net of applicable fees. This was worse than the various indices against which we benchmark ourselves. Year to date returns through June 30, 2018 is (8.6%) net of fees. Since inception, we have returned a cumulative 61% net of fees, ahead of our benchmarks.
1Q18 Letter
Cumulative returns on accounts managed by Long Cast Advisers declined 1.3% in 1Q18, net of applicable fees. This was slightly worse than the various indices against which we benchmark ourselves. Since inception, we have returned a cumulative 74% net of fees, materially ahead of our benchmarks.
Letter to CTEK Management
CTEK increasingly looks like a “good co / bad co” situation, with the legacy MPS business “throwing shade” on the smaller- and faster-growth IT Cybersecurity business. We would like management to seek a sale of the MPS business. If it could draw $25M from a buyer, a reasonable sum, it would leave investors with a high margin, FCF generating pure play IT consulting / cybersecurity business trading for less than 6x EBITDA. Management would then have optionality, to grow organically, by acquisition or via a reverse merger with a larger private company with pubco ready executives who want to roll up in this fragmented industry. We believe the last option offers the best opportunity for all parties engaged.
2017 Year End Letter
Cumulative returns on accounts managed by Long Cast Advisers increased 13% in 4Q17, net of applicable fees. This was better than the various indices against which we benchmark ourselves. Full year 2017 returns were 37% net of fees. Since inception, we have returned a cumulative 77% net of fees, materially ahead of our benchmarks.
3Q17 Client Letter
3Q17 was our eight quarter in business. Cumulative returns on accounts managed by Long Cast Advisers increased 8% in 3Q17, net of applicable fees. This was better than the various indices against which we benchmark ourselves. YTD returns through the end of 3Q17 are 21% net of fees. Since inception, we have returned a cumulative 57% net of fees, materially ahead of our benchmarks.
2Q17 Investor Letter
2Q17 was our seventh quarter in business. Cumulative returns on accounts managed by Long Cast Advisers increased 2% in 2Q17, net of applicable fees. This was worse than the various indices against which we benchmark ourselves. Since inception, we have returned a cumulative 45% net of fees, materially ahead of our benchmarks.
This letter is remarkably belated and it bears an explanation ...
1Q17 Investor Letter
1Q17 was our sixth quarter in business. Cumulative returns on accounts managed by Long Cast Advisers increased 10% in 1Q17, net of applicable fees. Since inception, we have returned a cumulative 42% net of fees, materially ahead of our benchmarks.
2016 Year End Letter
In 2016 we returned 17% before fees and 16% net of fees. Since inception, we have returned a cumulative 29% net of fees, materially ahead of our benchmarks.
IVTY: An Uncommon Perspective
Opportunities arise when expectations of short-term investors aren't met even as evidence suggests a growing business is successfully operating against its plan.