This hedge fund got killed in Q1 by its exposure to the travel industry

Acacia Capital was down 23.62% net for the first quarter as multiple positions, especially travel-focused names, weighed on results. The number is still preliminary and could change slightly. Fund management wanted to expedite the Q1 letter in light of the extenuating circumstances facing the world. In his first-quarter letter to investors, which was reviewed by ValueWalk, Peter Kinney said their five biggest positions accounted for 32.6% of the portfolio. Acacia’s biggest positions He said Ericsson is one of three major global mobile-network equipment vendors. He added that under Borje Ekholm’s leadership since 2017, the company has gotten more competitive after…