ARLO - Adestella Investment Management Q4 2020 Investor Letter

• Adestella Investment Management is a long/short equity investment fund. The fund seeks superior absolute and relative returns by focusing on attractive risk-reward propositions and prudent risk management for both its long and short positions.
• The Fund generated +24.8% returns in the fourth quarter of 2020 compared to +12.1% for the S&P 500 index.
• Our net exposure fluctuated within a few percentage points of 100% throughout the last nine months of the year, and we had virtually no exposure to options contracts or other.
• Currently, our portfolio is nearly equally split between domestic and international stocks, and over the period, the returns from the two groups were evenly split as well.
• Bargains are harder to find now, and the B-word is thrown around in financial media on a regular basis.

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