PYPL - Mayar Capital Q2 2024 Letter To Partners

2025-01-17 09:51:58 ET

Summary

• Mayar Capital provides investment management services to institutions, family offices, and high net-worth individuals.
• For the three months ending June 30, 2024, the Mayar Responsible Global Equity Fund (Class A) was down 2.5% net of all expenses and fees, while the MSCI World Index.
• We cover the Great British Bicycle Bubble of 1896 and what it can teach us about avoiding hype-driven losses.

Our Performance

For the three months ending June 30, 2024, the Mayar Responsible Global Equity Fund (Class A) was down 2.5% net of all expenses and fees, while the MSCI World Index increased by 2.63% in the same period. Since its inception in May 2011, the Fund has seen a 204.18% increase versus a 235.31% increase for the MSCI World. This corresponds to a 8.82% annualized rate of return for the Fund, compared to 9.62% for the MSCI World.

General Commentary

We are not trying to predict the “next big thing,” nor do we claim to have a 300-year “vision”. We want to build a small edge over others and let it compound over time. Some find this investing approach boring, but to us our motto remains “Boring is Beautiful!” You probably all remember The Tortoise and the Hare story from your childhood. We want to be the tortoise! - Letter to Mayar Fund Partners, June 2018

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