- MPE Capital seeks to purchase the common stock of businesses with durable competitive advantages, run by competent management teams with proven track records of value creation, and at prices below a conservatively estimated intrinsic value.
- For the year ended December 31st, 2020, MPE Capital generated net returns of 25.1% for nonqualified clients and 23.5% for qualified clients. For comparison, the S&P 500 TR gained 18.4% during that same time period.
- We ended up selling two large holdings throughout the year for decent gains. This unfortunately leaves us with a sizeable cash position.
- I also made some sizeable additions to previous holdings as the market offered us deep discounts to my estimates of fair value. One notable example being Booking Holdings.
For further details see:
MPE Capital - 2020 Full Year Letter