4Q22 FV Quarterly Letter

Fundamental Value had one of its best quarters to date, returning 34.7% net of fees vs 7.6% for the S&P 500. The strategy has now compounded at 27.4% annualized, besting the market by nearly 16% a year. While it will be almost impossible to maintain this level of absolute or relative performance, we are still very optimistic about the composition of the portfolio relative to the index today.¹

Market commentary

When the year 2022 began, we had just finished our “Everything Bubble” series, and the path ahead seemed remarkably clear to us.

The path forward today is less clear.

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