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May yielded 0.06 %, after fees, up about 6 % on the year, after a 2023 yielding 23 % and a 2022 yielding ~8 %.
Our monthly newsletters will in future be more concise, as our clients prefer more extensive quarterly newsletters. To follow these and for more information about the fund please visit: https://www.beingandinvestments.com/
A quick recap on Being and investments' Public Active Value:
- Our investment strategy and process consist of evaluating active ownership cases, mainly in the US and Europe. All our investments thus have a reputable active and engaged large owner (typically an Activist or Private Equity owner).
- The companies we then chose to invest in have three main components. First, they are "cheap" (ie, trading below what we deem to be intrinsic value). Second, the companies' operations and/or strategy can be changed (ie, there is potential to increase intrinsic value).
- Third, they represent what we call "quality", with a strong competitive position, and thus predictable free cash flows and typically high return on invested capital.
- The strategy has an institutional track record spanning back to 2010 and has produced 20%+ CAGR gross returns since, in line with the best Private Equity and Activist funds.
- At the same time, our fees are ~50% lower than the typical activist/private equity fund.