Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Equity Bottom-Up

Invesco DB US Dollar Index Bul / Equity Bottom-Up

<ul><li>Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win.</li><li>Today’s strong USD looks, in the end, to be our currency and our problem.</li><li>Keep an eye out for dangerously destructive economic policies, but don’t use that as an excuse to avoid the asset class entirely.</li><li>The yen and euro are at their cheapest levels in decades and hedging emerging market equities would be an expensive proposition even if the currencies weren’t generally cheap versus the USD.</li></ul>

Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win.Today’s strong USD looks, in the end, to be our currency and our problem.Keep an eye out for dangerously destructive economic policies, but don’t use that as an excuse to avoid the asset class entirely.The yen and euro are at their cheapest levels in decades and hedging emerging market equities would be an expensive proposition even if the currencies weren’t generally cheap versus the USD.

<ul><li>Summers Value Partners is a boutique value manager that uses a focused, long-term approach to investing in areas of the market where most managers are unwilling or unable to participate.</li><li>The Summers Value Fund LP (“the Fund”) returned -25.9% net in the first half of 2022.</li><li>The majority of our decline took place in the first quarter as we were too slow to react to the Fed’s decision to increase interest rates and shrink its balance sheet to cool the over-heated economy.</li><li>The next stage of the bear market will most likely involve lower corporate earnings due to a more challenging businessclimate and reducedaccess to capital.</li></ul>

Summers Value Partners is a boutique value manager that uses a focused, long-term approach to investing in areas of the market where most managers are unwilling or unable to participate.The Summers Value Fund LP (“the Fund”) returned -25.9% net in the first half of 2022.The majority of our decline took place in the first quarter as we were too slow to react to the Fed’s decision to increase interest rates and shrink its balance sheet to cool the over-heated economy.The next stage of the bear market will most likely involve lower corporate earnings due to a more challenging businessclimate and reducedaccess to capital.

Summers Value Partners Q2 2022 Investor Letter

United States

iShares Microcap ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the Russell Microcap Index. The ETF holds a majority of small cap US based companies across a variety of industries. The ETF weights these holdings using a market capitalization methodology.

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iShares Micro-Cap ETF (IWC US)

GMO Q2 2022 Quarterly Letter

Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win. Today’s...

Fund Newsletters

Summers Value Partners Q2 2022 Investor Letter

Summers Value Partners is a boutique value manager that uses a focused, long-term approach to investing in areas of the market where most managers...

Fund Newsletters

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