WEA - Andvari Associates Q1 2024 Letter

2024-04-10 09:25:00 ET

Summary

• Andvari Associates manages a concentrated investment strategy designed with the goal of outperforming the market. Since the firm's launch in 2013, our consolidated 'Andvari Core' strategy has meaningfully outperformed the market, net of all fees.
• For the first quarter of 2024, Andvari was up 12.1% net of fees, while the SPDR S&P 500 ETF was up 10.4%.
• In fits and starts, Andvari’s performance continues to climb back from the decline we suffered in 2022.
• Although the rapid rise in interest rates contributed to Andvari’s underperformance in 2022, there are silver linings to rates having risen to more normal levels.

Dear Friends,

For the first quarter of 2024, Andvari was up 12.1% net of fees, while the SPDR S&P 500 ETF was up 10.4%. ⁱ Andvari clients, please refer to your reports for your specific performance and holdings. The table below shows Andvari's composite performance, while the chart shows the cumulative gains of a $100,000 investment.

Andvari Holdings

In fits and starts, Andvari's performance continues to climb back from the decline we suffered in 2022. The top two detractors to our performance in the quarter were Mesa Labs and American Tower. The top two contributors to performance were Topicus.com and Mastercard....

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