HIBB - Bronte Capital Amalthea Fund December 2023 Letter
2024-02-21 06:05:00 ET
Summary
- Bronte Capital is an Australian-licensed and USA SEC-registered Global Fund Manager and focuses on generating alpha from both its long and short portfolio in a unique, uncorrelated and sustainable manner.
- Amalthea lost -2.12% in December, -0.97% for the quarter and gained 15.60% for the calendar.
- Wild gyrations in nonsense stocks will also continue - this should make our business more difficult – but more profitable.
The Bronte Amalthea Fund is a global long/short fund targeting double digit returns over the long term, managed by a performance orientated firm with a process and portfolio that we feel is genuinely different. Objectives include lowering the risk of permanent loss of capital and providing global diversification without the market/drawdown risks typical of long-only funds. We believe a highly diversified short book substantially reduces risk and enables profits to be made in tough markets
| Jul |
| Aug |
| Sep |
| Oct |
| Nov |
| Dec |
| Jan |
| Feb |
| Mar |
| Apr |
| May |
| Jun |
| FYTD |
| FY13 |
| 5.4% |
| 1.3% |
| 6.8% |
| FY14 |
| 6.0% |
| -2.5% |
| 0.4% |
| 3.6% |
| 5.7% |
| 4.3% |
| -3.7% |
| 0.2% |
| -2.6% |
| 0.9% |
| 3.4% |
| -0.8% |
| 15.2% |
| FY15 |
| -0.9% |
| -1.6% |
| 2.7% |
| 1.7% |
| 3.4% |
| 4.9% |
| 2.3% |
| -0.1% |
| 1.7% |
| -1.7% |
| 4.4% |
| -1.7% |
| 15.6% |
| FY16 |
| 6.1% |
| 0.9% |
| -0.2% |
| 3.8% |
| -1.3% |
| -1.4% |
| 0.5% |
| 1.8% |
| -4.1% |
| -3.4% |
| 5.1% |
| -3.4% |
| 3.8% |
| FY17 |
| 2.5% |
| -0.8% |
| -2.5% |
| -1.3% |
| -1.5% |
| 6.1% |
| -2.0% |
| 1.6% |
| 1.0% |
| 7.0% |
| 7.2% |
| -3.7% |
| 13.6% |
| FY18 |
| -0.9% |
| 1.5% |
| 1.1% |
| 5.9% |
| -1.3% |
| -1.6% |
| 4.4% |
| 4.1% |
| 1.5% |
| 3.7% |
| -2.0% |
| 2.9% |
| 20.8% |
| FY19 |
| 0.1% |
| 3.8% |
| -1.8% |
| -0.4% |
| -3.9% |
| 6.5% |
| -3.6% |
| 3.4% |
| 0.0% |
| 2.2% |
| 0.1% |
| 0.7% |
| 7.1% |
| FY20 |
| 1.5% |
| -0.4% |
| 1.3% |
| 3.4% |
| 3.1% |
| -2.1% |
| 4.3% |
| 4.2% |
| 11.0% |
| -5.1% |
| -0.1% |
| -4.8% |
| 16.5% |
| FY21 |
| -0.1% |
| -3.9% |
| 1.7% |
| -0.7% |
| -5.0% |
| -5.7% |
| -7.3% |
| -3.7% |
| 8.2% |
| 5.5% |
| 3.2% |
| -2.2% |
| -10.7% |
| FY22 |
| 9.7% |
| 3.0% |
| -4.5% |
| 1.1% |
| 1.8% |
| 7.3% |
| 4.4% |
| -5.6% |
| -4.6% |
| 5.2% |
| 2.2% |
| 0.1% |
| 20.7% |
| FY23 |
| -0.7% |
| -5.9% |
| 6.7% |
| 6.5% |
| 0.8% |
| 1.0% |
| -1.8% |
| 4.3% |
| 4.9% |
| 2.9% |
| -2.8% |
| -1.4% |
| 14.7% |
| FY24 |
| 2.9% |
| 7.3% |
| -0.4% |
| 2.4% |
| -1.2% |
| -2.1% |
| 8.9% |
| Fund Features |
| Portfolio Analytics 1 |
| Investment Objective |
| Maximise risk-adjusted returns with high double-digit returns over 3- year periods. |
| Metric |
| Amalthea |
| MSCI ACWI (in AUD) |
| Min. initial investment |
| $100,000 (for qualifying investors) |
| Sharpe Ratio 2 |
| 0.85 |
| 1.03 |
| Min additional investment |
| $50,000 |
| Sortino Ratio |
| 1.55 |
| 1.76 |
| Applications/redemptions |
| Monthly |
| Annualised Standard Deviation |
| 12.56% |
| 10.80% |
| Distribution |
| Annual |
| Largest Monthly Loss |
| -7.30% |
| -8.00% |
| Management fee |
| 1.5% |
| Largest Drawdown |
| -30.01% |
| -15.97% |
| Performance allocation |
| 20% |
| Winning Month Ratio |
| 0.59 |
| 0.65 |
| Administrator |
| Citco Fund Services |
| Cumulative return 3 |
| 240.15% |
| 264.58% |
| Auditor |
| Ernst & Young |
| 1-year annualised return |
| 15.60% |
| 21.92% |
| Custodians/PBs |
| Fidelity, Morgan Stanley, JP Morgan |
| 3-year annualised return |
| 15.78% |
| 10.00% |
| 5-year annualised return |
| 10.03% |
| 12.39% |
| Annual return since inception |
| 12.16% |
| 12.89% |
| 1 Performance and analytics are provided only for Amalthea ordinary class units. Actual performance will differ for clients due to timing of their investment and the class of their units in the Amalthea fund 2 Sharpe and Sortino ratios assume the Australian cash rate as the applicable risk-free rate 3 Returns are net of all fees |
Amalthea lost -2.12% in December, -0.97% for the quarter and gained 15.60% for the calendar year. By comparison the globally diverse MSCI ACWI index's movements (in ) were gains of 1.28%, 4.63% and 21.92% over these periods. This quarter and in December in particular the market has been actively hostile to our strategy. There was a generalized squeeze in high-short interest names....
Bronte Capital Amalthea Fund December 2023 Letter