Bronte Capital Management outperformed its benchmark indexes in May according to the investors letter that came out this week, but the company is still frustrated with its year-to-date performance, saying that it has been mostly going sideways for the last six months.
“To be blunt about it – this year we have – measured in US dollars – achieved little. We are not losing money in any meaningful way and we look at the portfolio and believe it to be pregnant with profit – but the day-to-day results don’t feel exciting,” John Hempton and Simon Maher wrote in the letter.
No surprises in Bronte Capital’s portfolio
They point out that the fund has alternated between outperformance and holding its ground since...
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