HIVE - Stanphyl Capital Letter - January 2019
Friends and Fellow Investors:
For January 2019 and year to date the fund was up approximately 7.9% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 8.0% while the Russell 2000 was up approximately 11.3%. Since inception on June 1, 2011, the fund is up approximately 73.4% net while the S&P 500 is up approximately 136.2% and the Russell 2000 is up approximately 96.5%. Since inception the fund has compounded at approximately 7.4% net annually vs. 11.9% for the S&P 500 and 9.2% for the Russell 2000. (The