ZTS - Andvari Associates Q2 2024 Letter

2024-07-24 11:05:00 ET

Summary

• For the second quarter of 2024, Andvari was up 7.7% net of fees while the SPDR S&P 500 ETF was up 15.2%.
• Andvari sold out of two holdings, the largest of which is Mesa.
• With a large amount of capital to redeploy, we started positions in a handful of companies we’ve followed for years.
• With inflation continuing its slow decline, the probability of slightly lower interest rates by year’s end, and the eventual end to the COVID overhang for our life sciences holdings, Andvari expects better performance for many of its holdings over the coming years.

Mesa Mistake and Redeploying Capital

For the second quarter of 2024, Andvari was up 7.7% net of fees while the SPDR S&P 500 ETF ( SPY ) was up 15.2%.* 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....

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