2024-02-11 07:20:00 ET
Summary
- Sandbrook Capital Partners, LP is a long/short equity fund with a flexible net exposure targeting companies in the software, consumer, and internet sectors.
- We ran a relatively neutral net during the month with gains contributed from two idiosyncratic trades - our long performance was the vast majority of the gain while our short performance inclusive of rebate was slightly positive.
- For February we’ll continue to focus on small cap, low ADV stocks during earnings where we have a data advantage.
- For the year, my priority is on grossing up into higher quality Core Long ideas when r/r and LT IRRs are attractive.
Performance
Commentary
We ran a relatively neutral net during the month with gains contributed from two idiosyncratic trades. Our long performance was the vast majority of the gain while our short performance inclusive of rebate was slightly positive. Our gross was mild at <100% as I incorporated the portfolio management lessons and remedies I outlined in our 11/29/23 letter. I expect it to take some time to gross up to a more realistic target (120-150) given the lack of attractive NTM risk/reward and LT IRRs I see for Core Longs at this time....
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For further details see:
Sandbrook Capital Partners January 2024 Letter