Whitney Tilson's Kase Fund Down 2.8% In August, 7.0% YTD

Whitney Tilson's Kase Fund fell 2.8% in August vs. -6.0% for the S&P 500. Year to date, the fund is down 7.0% vs. -2.9% for the S&P 500, according to a letter to investors reviewed by ValueWalk.

Kase Fund's better-than-average performance during August was driven by the fund's short book. August was an excellent month to be short the market, and Tilson took full advantage. Tilson reports that after doing no trading during the first-half of the year, during August he banked substantial profits by trimming positions in Delta and JetBlue, while establishing a new short position in a levered ETF in the biotech sector. This trade has already yielded results as Tilson notes that the ETF in question has...