Bireme Capital
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Facebook (FB): Bad headlines, great investment

4/12/2019

 
Investor biases
A core belief of ours at Bireme Capital is that human cognitive biases drive security mispricings. This is not to say that we don’t believe in mostly-efficient markets, or that we are unaware that investor biases often cancel each other out. We simply believe that, occasionally, biased investors bunch together on a single side of the ledger, resulting in a mispriced stock.

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Fundamental Value Q4 2018 Client Letter

2/14/2019

 

The Fundamental Value strategy returned -9.4% net of fees in Q4, a disappointing result on an absolute basis but an outperformance of 4.1% relative to SPY, the S&P 500 ETF. For the year, FV lost -1.1% after fees vs SPY’s decline of -4.6%. Since inception, the strategy has outperformed by 6.3% annually after fees, a result we work hard every day to sustain.1

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Fundamental Value Q3 2018 Client Letter

12/10/2018

 

Fundamental Value had a solid quarter, returning 7.71% gross of fees, in line with the S&P 500 ETF’s return of 7.65%. This brings the portfolio’s annualized outperformance, after typical fees, to 5.4% since inception.1

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Fundamental Value Q2 2018 Client Letter

8/14/2018

 

FV slightly trailed the market in Q2, returning 3.3% before fees vs 3.6% for the SPDR S&P 500 ETF (SPY). This brings the portfolio’s annualized outperformance, after typical fees, to 6.1% since inception.1

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Fundamental Value Q1 2018 Client Letter

7/17/2018

 
Fundamental Value (FV) was down 1.05% in Q1, slightly trailing the -1.0% total return of the SPDR S&P 500 ETF (SPY). Since inception, FV has returned 22.7% annualized (net) vs 15.4% for SPY, an outperformance of 7.3% annually. ​
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Fundamental Value Q4 2017 Client Letter

2/21/2018

 
​Fundamental Value had an exceptional quarter, up 10.7% gross vs the S&P 500 which was up 6.8%. For the year, FV finished with a 28.2% gross return vs the S&P’s 21.7%.  The positive relative results were notable given the material cash balance carried throughout the year and the fact that traditional value indices underperformed in 2017, a headwind for our strategy which tends to favor such stocks. 

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Fundamental Value Q3 2017 Client Letter

11/6/2017

 
Fundamental Value had a solid quarter, returning 4.2% on a gross basis. This return slightly trailed the S&P’s 4.4%, and brought gross returns to 35.3% and 22.5% for FV and the S&P 500 respectively since FV’s inception in June 2016.

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Fundamental Value Q2 2017 Client Letter

8/10/2017

 
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.

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Apple

4/21/2017

 
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.

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Fundamental Value Q1 2017 Client Letter

3/31/2017

 

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

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  • Why Bireme?
    • Dynamic allocation
    • Incentive alignment
    • Why active?
  • Our strategies
  • About us
  • Blog
  • CIO Corner
  • Contact