SPY - Andvari Associates Q4 2023 Letter

2024-01-24 07:05:00 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 full year of 2023 Andvari was up 17.5% net of fees while the SPDR S&P 500 ETF was up 26.2%.
• Andvari’s best performing holding in 2023 was Constellation Software whose stock had a total return (share price and dividends) of 58.9%.
• The worst performing holding was Mesa Labs whose shares had a total return of -36.7% for the year.

The Compounding of Constellation Software

For the full year of 2023 Andvari was up 17.5% net of fees while the SPDR S&P 500 ETF ( SPY ) was up 26.2%.* Andvari clients, please refer to your reports for your specific performance and holdings. The table below shows Andvari’s composite performance against two benchmarks while the chart shows the cumulative gains of a $100,000 investment....

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