LBRDK - Andvari Associates' Q4 2020 Letter - The Leap Of Faith

• Andvari Associates seeks a comprehensive understanding of the strategy, the people, and the culture of a business before we invest a penny. The fund's goal is to build conviction in a small set of names over a multi-year period and concentrate firm capital in those names. The vast majority of our money sits in 5–10 names.
• For the full year of 2020, Andvari is up 31.1% net of fees while the S&P 500 is up 18.4%.
• The most notable event in Andvari's portfolios was one holding, Liberty Broadband, acquiring another holding, GCI Liberty.
• Another Andvari holding that made a significant acquisition last year is Roper Technologies.

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