KKR - Alphyn Capital Management Q4 2024 Letter To Investors
2025-01-13 07:13:00 ET
Summary
- We closed the year with a respectable overall performance, even as the market cooled in December.
- In the current broader market, there’s uncertainty around whether the Trump administration’s pro-business stance can keep the rally going or if persistent inflation might push rates higher.
- I trimmed positions in KKR and Fairfax for standard portfolio management reasons. I trimmed Exor and replaced the VanEck Gold Miners ETF with a more direct gold ETF.
Performance
As reported by our fund administrator, the Master Account, in which I am personally invested alongside SMA clients, returned 2.6% net in Q3 2024 vs 2.4% for the S&P 500. As of Q4 2024, the top ten positions comprised approximately 67% of the portfolio, and the portfolio held approximately 9% in cash and/or short-term treasuries.
QTD |
YTD |
1-year |
3-years |
5-years |
Inception |
ACML |
2.6% |
16.9% |
16.9% |
2.5% |
5.1% |
7.3% |
S&P 500 TR |
2.4% |
25.0% |
25.0% |
8.9% |
14.5% |
17.2% |