FTAIM - Tourlite Capital Q4 2024 Investor Letter
2025-02-21 02:45:00 ET
Summary
- Tourlite Fund, LP returned 0.4% for the Fourth Quarter of 2024 and 14.2% for the full year.
- We continue to see downside risks to broader equity markets due to stagnant real earnings, particularly in the consumer sector and among lower-quality businesses, while valuations remain broadly elevated.
- While timing market tops is inherently difficult, we are poised to capitalize on these opportunities as they emerge.
- We continued to capture a positive spread between our long and short positions and believe thecurrent environment remains favorable for our long/short stock-picking strategy.
To My Partners:
Tourlite Fund, LP returned 0.4% for the Fourth Quarter of 2024 and 14.2% for the full year. The Fund has annualized returns of 10.2% since inception, compared to 11.6% for the S&P 500 ( SP500 , SPX ) and 4.2% for the Russell 2000 ( RTY ). 1 ,2 We believe this to be strong considering our continued near-zero net exposure since inception in April 2022.
Q4 2024 |
2024 |
Annualized Return 3 |
Tourlite |
0.4% |
14.2% |
10.2% |
S&P 500 |
2.3% |
25.0% |
11.6% |
Russell 2000 |
0.3% |
11.5% |
4.2% |