Lakewood details three short theses in new investor letter

Anthony Bozza's Lakewood Capital was up 10.7% net for the second quarter. At the end of June, the fund was 107.4% long and 44.9% short for a net equity exposure of 62.5%. Lakewood was also 1.1% long and 8.8% short fixed income securities, resulting in a net fixed income exposure of -7.7%. The fund's top five positions were 23% of equity capital, while its top 10 positions were 38% of equity capital.

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Winners and losers

In his second-quarter letter to investors, which was reviewed by ValueWalk, Bozza said Lakewood's long equity positions generated a return of 25% on capital. Their hedged long equity positions...