Palm Valley Capital Fund Q4 2024 Commentary
2025-01-07 05:00:00 ET
Summary
- The Palm Valley Capital Fund returned 4.22% in 2024, underperforming benchmarks due to high cash holdings and selective equity positions.
- Despite a strong U.S. stock market, small caps face valuation challenges, with high P/E multiples and economic pressures impacting earnings.
- New Fund positions include Kelly Services, Seaboard Corporation, and Heartland Express, chosen for their asset value and potential profitability.
- Cryptocurrency and speculative investments are booming, but caution is advised as lofty valuations and speculative fervor may lead to future downturns.
INVESTMENT PERFORMANCE (%) as of December 31, 2024
Total Return | Annualized Return | |||||
Qtr | YTD | 1 Year | 3 Year | 5 Year | Inception * | |
Palm Valley Capital Fund | -0.09% | 4.22% | 4.22% | 5.58% | 7.77% | 7.09% |
S&P SmallCap 600 Index | -0.58% | 8.70% | 8.70% | 1.91% | 8.35% | 8.42% |
Morningstar Small Cap Index | 0.32% | 10.84% | 10.84% | 2.91% | 8.07% | 8.06% |
*Inception date for the Palm Valley Capital Fund is 4/30/19 Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be higher or lower than the performance quoted. Performance of the Fund current to the most recent month- end can be obtained by calling 904-747-2345. As of the latest prospectus, the Fund’s Investor class gross expense ratio is 1.47% and the net expense ratio is 1.26%. Palm Valley Capital Management has contractually agreed to waive its management fees and reimburse Fund operating expenses through at least April 30, 2025. |
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Palm Valley Capital Fund Q4 2024 Commentary
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