Stanphyl Capital December 2023 Commentary

Stanphyl Capital's commentary for the month ended December 31, 2023.

Friends and Fellow Investors:

For December 2023 the fund was down approximately 8.5% net of all fees and expenses. By way of comparison, the S&P 500 was up 4.5% and the Russell 2000 was up 12.2%. For the full year 2023 the fund was down approximately 26.2% net. By way of comparison, the S&P 500 was up 26.3% and the Russell 2000 was up 16.9%. Since inception on June 1, 2011 the fund is up approximately 121.2% net while the S&P 500 is up 353.0% and the Russell 2000 is up 184.2%. Since inception the fund has compounded at approximately 6.5% net annually vs. 12.8% for the S&P 500 and 8.7% for...