- 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 six months ended June 30th, 2021, MPE Capital generated net returns of 4.3%. For comparison, the S&P 500 TR gained 15.3% during that same time period.
- I began trimming some of our positions at the end of last year and into the first quarter of this year, as they approached what I would consider fairly valued. This has once again left us with a huge cash balance that needs to be reinvested into attractive investment opportunities.
- Other than the previously mentioned trimming of most holdings, I did not make any changes toour portfolio YTD. I’m having a tough time finding mouthwatering opportunities.Nevertheless, I will continue turning over rocks in hopes of deploying our cash into a fewattractive ideas.
For further details see:
MPE Capital Investor Letter - H1 2021