Steamboat Capital was down 6.93% net for the fourth quarter, bringing its year-to-date return to 7.3%. The S&P 500 was up 12.15%, while the Russell 2000 gained 31.37%, and the Credit Suisse Hedge Fund Index was up 6.38% for the fourth quarter.
Q4 2020 hedge fund letters, conferences and more
In his fourth-quarter letter to investors, which was reviewed by ValueWalk, Parsa Kiai said the fund's return was negative because "nearly-unfathomable losses" in its short portfolio more than offset the "respectable gains" on the long side. Short positions detracted 38.42%, while longs added 30.3%.
Three phases of 2020
Kiai separates 2020 into three periods consisting of the initial shock from COVID-19,...
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