Lakewood Capital Management letter to investors for the second quarter ended June 30, 2016 obtained by ValueWalk- below is an excerpt discussing their short positions.
Also see Lakewood Capital 1Q16 Letter To Partner
- Lakewood Capital Won Big On GT Advanced Technologies Short .
- Lakewood Capital Explains Arista Networks, Woolworths Shorts ...
- Lakewood Capital Short TASER International,
- Pra Group (PRAA) Drops On Lakewood Capital Short
- Lakewood Capital - Australian Banks (Short)
- Hedge Fund Letters To Investors
- Core Laboratories (Short)
- 2013 Was Most Difficult Year Ever For Short Sellers: Lakewood ...
- After Shorting GTAT, Lakewood Sees Similarities To INVN
Lakewood Capital Won Big On GT Advanced Technologies Short .
Lakewood Capital Explains Arista Networks, Woolworths Shorts …
Lakewood Capital Short TASER International,
Pra Group (PRAA) Drops On Lakewood Capital Short
First
In the quarter ended June 30, 2016, the fund recorded a net gain of 1.3%. At quarter end, the fund’s equity exposure was 77.7% long and 37.9% short for a net equity exposure of 39.8%. In addition, the fund was 3.7% long and 0.2% short fixed income securities for a net fixed income exposure of 3.5%.1 capital and the top ten positions constituted 38.8% of equity capital.
Review of the Quarter
The fund generated a net gain of 1.3% in the quarter. Long equity positions generated a +2% return on capital, hedged long equity positions generated a +10% return on capital, short equity positions generated a -1% return on capital and fixed income positions generated a +8% return on capital.
Lakewood Capital on short positions
Below, I briefly discuss our views on our short positions in two Australian banks and Core Laboratories.