GOOGL - Kinsman Oak Q1 2024 Investor Letter

2024-06-06 10:20:00 ET

Summary

• Kinsman Oak Capital Partners Inc. is an independent Toronto-based boutique investment firm that strives to generate superior long-term results over multiple market cycles, net of fees.
• The Fund and its individual underlying holdings performed relatively in line with our expectations except for Tidewater and the unnamed offshore driller we mentioned in our last investor letter.
• Investors anticipated six rate cuts at the beginning of the year which was quickly reduced to three by the end of the quarter.
• The consensus narrative might be changing from immaculate disinflation coupled with rapid rate cuts to a more realistic expectation of strong nominal economic growth, persistent inflation, and higher-for-longer interest rates, or some combination thereof.

Comment On Performance

The Fund and its individual underlying holdings performed relatively in line with our expectations except for Tidewater (TDW), a recently initiated long position, and the unnamed offshore driller we mentioned in our last investor letter. We were fortunate enough to get a starter weight before the stock rallied +36% from our average cost. We continue to own the stock....

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