RELL - Long Cast Advisers Q4 2023 Letter

2024-02-11 12:00:00 ET

Summary

• Long Cast Advisers, LLC, is an independent-registered investment adviser investing on behalf of individuals, family offices and endowments. It is concentrated on long-term investing, focused on small-cap companies.
• For the 4Q23 quarter (ended December 31, 2023), cumulative returns were -8% while the predominant indices improved, in some cases double digits.
• For the year, cumulative net returns were +10%.

Dear Friends and Clients:

For the 4Q23 quarter (ended December 31, 2023), cumulative returns were -8% while the predominant indices improved, in some cases double digits. For the year, cumulative net returns were +10%. Since inception in November 2015 through quarter end 3Q23, LCA has returned a cumulative 165% net of fees, or 13% CAGR. As a backdrop to returns, since inception through 4Q23 we comfortably exceed two widely used representative indices for passive small company investing, the iShares MicroCap ETF ( IWC ) and Russell 2000 Index ( RTY ), and we are roughly in line with the S&P....

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