NU - White Falcon Capital Q1 2024 Partner's Letter
2024-04-16 07:25:00 ET
Summary
- White Falcon Capital is an independent entity and have a mandate to do the right thing for the portfolio and the partners. Our goal is to protect and compound capital over the long term on a risk-adjusted basis.
- We achieved a satisfactory result on an absolute basis.
- We maintained our approach of trimming holdings where valuations are stretched, while redirecting capital into reasonably valued small and mid-capitalization stocks.
- Due to the rally in gold, the weight of precious metal royalty companies is on the higher side of our typical 10-15% allocation to them.
Dear Partners,
While individual client returns may differ based on their inception dates, consolidated performance of all accounts for the period ending March 31, 2024, is as follows:
| Q1 2024 |
| 2023 |
| 2022 |
| ITD* |
| White Falcon (net of fees) |
| 8.7% |
| 36.0% |
| -9.26% |
| 32.2% |
| S&P 500 TR (CAD) |
| 12.8% |
| 23.2% |
| -12.6% |
| 28.7% |
| MSCI All Country TR (CAD) |
| 10.5% |
| 18.5% |
| -11.9% |
| 19.9% |
| S&P TSX TR |
| 6.6% |
| 11.8% |
| -5.8% |
| 13.9% |