KD - Plural Investing Q4 2023 Quarterly Letter
2024-01-25 11:45:00 ET
Summary
- Plural Investing is a long/short hedge fund based in New York. We invest in businesses that we believe are worth substantially more than the price they are trading at.
- Plural Partners Fund L.P. delivered a gross return of 14.5% and net return of 14.3% in Q4.
- We estimate that our businesses trade for 6.1x their net profits in three years’ time and will still be growing at double digit rates then.
- Although our portfolio rebounded somewhat in Q4, webelieve that our businesses continue to trade at very depressed valuations.
| Partnership (Gross) |
| Partnership (Net of Fees) |
| MSCI World Index |
| 2020 (Apr 1-Dec 31) |
| 122.9% |
| 97.1% |
| 46.8% |
| 2021 |
| 38.7% |
| 29.9% |
| 21.8% |
| 2022 |
| -32.0% |
| -32.7% |
| -18.1% |
| 2023 |
| -5.5% |
| -6.4% |
| 23.8% |
| Annualized |
| 20.1% |
| 13.6% |
| 17.2% |
To our Partners:
Plural Partners Fund L.P. delivered a gross return of 14.5% and net return of 14.3% in Q4. Our goal is to deliver returns over a five-year period significantly above that of global markets....
Plural Investing Q4 2023 Quarterly Letter