During the fourth quarter of 2018, the Saga Portfolio (“the Portfolio”) decreased 20.8% net of fees. This compares to the overall decrease, including dividends, for the Russell 2000 and S&P 500 Index of 20.2% and 13.5%, respectively. Since inception on January 1, 2017, the Saga Portfolio returned 16.6% net of fees, compared to the Russell 2000 Index and the S&P 500 of 2.0% and 16.5%, respectively.
4Q18 Saga Partners Investor Letter
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