BAMKF - Silver Beech Capital Q4 2023 Investor Letter

2024-02-14 19:20:00 ET

Summary

• Silver Beech is a value-oriented, fundamentals-driven investment firm that targets high-quality but misunderstood North American businesses and special situations.
• Silver Beech returned 27.7% for the full-year 2023 net of fees, in comparison to the S&P 500’s 23.7% return and the Russell 2000’s 13.0% return.
• Throughout 2024, we expect the timing and scale of the Federal Reserve’s interest rate decisions will have a meaningful impact on near-term asset pricing, as will sentiment around the upcoming U.S. presidential election.
• The broader financials and real estate sectors were a fertile hunting ground for attractive investment opportunities in 2023, and we expect our focus on these sectors, combined with our downside-oriented, high-conviction investment approach, to reward us in 2024 and in the years to come.

Dear Fellow Investors and Friends,

The estimated full-year 2023 and historical net performance for Silver Beech Capital, LP (“the Fund” or “Silver Beech”) is presented below....

For further details see: