VAL - Praetorian Capital Fund Q1 2024 Investor Letter
2024-04-24 07:00:00 ET
Summary
- Praetorian Capital is a hedge fund managed by Harris “Kuppy” Kupperman dedicated to seeking non-correlated, asymmetric returns in a benchmarked world. The actively-managed strategy seeks absolute returns through highly-concentrated investments exhibiting inflecting secular or cyclical tailwinds, and Event Driven special situations.
- During the first quarter of 2024, the Praetorian Capital Fund appreciated by 9.25% net of fees.
- I believe we’re nearing a point where the bond market has an aneurism, as it refuses to Fund the Treasury’s spending levels.
- The question for me, has always been how to avoid the short-term dip, while being prepared for the longer-term rip.
During the first quarter of 2024, the Praetorian Capital Fund LLC (the "Fund") appreciated by 9.25% net of fees.* Given the Fund's concentrated portfolio structure and focus on asymmetric opportunities, I anticipate that the Fund will be rather volatile from quarter to quarter. During the first quarter, our core portfolio positions were something of a mixed bag, with advances and declines, while the Event-Driven book produced a decent return, for the first time in many quarters.
| Praetorian Capital Fund LLC |
| Gross Return |
| Net Return* |
| ?1 2024 |
| 11.90% |
| 9.25% |
| YTD 2024 |
| 11.90% |
| 9.25% |
| 2023 |
| 34.70% |
| 26.45% |
| 2022 |
| 16.38% |
| 11.95% |
| 2021 |
| 181.80% |
| 142.87% |
| 2020 |
| 161.87% |
| 129.49% |
| 201G |
| 18.71% |
| 14.97% |
| Since Inception (1/1/1G) |
| 1436.70% |
| 891.08% |