The Vilas Fund's commentary for the fourth quarter ended December 31, 2019.
Q4 2019 hedge fund letters, conferences and more
Dear Vilas Fund Partners,
The Vilas Fund, LP had a good year in 2019, rising 106.7% vs the 31.5% return of the S&P 500 Index. Since the Fund began operations on August 9, 2010, it has compounded $1 into $3.77, which equates to an annualized rate of 15.2%, net of fees. Over the same time period, the S&P 500 has grown at 14.2% annually and has turned $1 into $3.49. While we are somewhat pleased with our showing this year, value shares have not begun the process of “reverting to the mean” when compared to their growth stock peers. With...
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