Quarterly Investor Letter Number 15 (Q4 2020)

The fund had a strong finish to the year, and performance registered a +13.6% gain for 2020.

We are probably in the middle of the reflation trade, but the ‘have and have nots’ vary markedly.  There appears to be a genuine opportunity for generating outperformance through a ‘value’ bias in the coming quarters.  However, once the TV pundits start citing the huge growth rates we are likely to see in early Q3 as justification for investment, we will be minded to fade that advice. We maintain very high levels of diversification in the fund and, once again, we are building exposure to strategies that benefit from higher volatility.