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We’re proud to report that, as of the middle of the second quarter, Bireme has been actively investing for over a year. There have been trying and frustrating times, but by and large, starting a business has been exciting and rewarding. We sincerely thank you for your trust. We couldn’t have done it without you.
Apple is currently one of the largest positions in Fundamental Value, Bireme's US equity strategy. Therefore, it was with intense interest that we read a recent short thesis on Apple posted at the Value Investor’s Club. (Note: you must create a guest account at VIC to view.
FV edged out the market in Q1, returning 6.1% before fees vs 5.9% for the SPDR S&P 500 ETF (SPY). This brings the portfolio’s annualized outperformance, after typical fees, to 10.9% since inception.1 
Fundamental Value (FV) had an exceptional 2016, returning 16.8% before fees vs 7.5% for the SPDR S&P 500 ETF (SPY). The majority of FV’s return came in the fourth quarter, as it gained 10.1% vs a 4.0% return in the benchmark. This brings the portfolio’s outperformance, after typical fees, to 8.3% since inception.1 
FV outperformed the market in Q3, returning 5.4% before fees vs 3.8% for the SPDR S&P 500 ETF (SPY). This brings the portfolio’s outperformance, after typical fees, to 2.2% since inception.1 
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