Alphyn Capital Management Q4 2024 Letter To Investors

2025-01-13 07:13:00 ET

Summary

• We closed the year with a respectable overall performance, even as the market cooled in December.
• In the current broader market, there’s uncertainty around whether the Trump administration’s pro-business stance can keep the rally going or if persistent inflation might push rates higher.
• I trimmed positions in KKR and Fairfax for standard portfolio management reasons. I trimmed Exor and replaced the VanEck Gold Miners ETF with a more direct gold ETF.

Performance

As reported by our fund administrator, the Master Account, in which I am personally invested alongside SMA clients, returned 2.6% net in Q3 2024 vs 2.4% for the S&P 500. As of Q4 2024, the top ten positions comprised approximately 67% of the portfolio, and the portfolio held approximately 9% in cash and/or short-term treasuries.

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