HIVE - Stanphyl Capital Letter - December 2018
Friends and Fellow Investors:
For December 2018, the fund was up approximately 0.3%net of all fees and expenses. By way of comparison, the S&P 500 was down approximately 9.0% while the Russell 2000 was down approximately 11.9%. For 2018 the fund was down approximately 17.7% while the S&P 500 was down approximately 4.4% and the Russell 2000 was down approximately 11.0%. Since inception on June 1, 2011, the fund is up approximately 64.4% net while the S&P 500 is up approximately 118.6% and the Russell 2000 is up approximately 76.7%.
Since inception the fund has