Arnott Capital commentary for the month of May ended May 31, 2023.
The fund returned positive 0.99% for the month of May 2023. Net exposure averaged 35% long, while gross averaged 85%. This brings our calendar year return to negative 2.62% and since inception return to positive 20.84% p.a. net of fees.
Q1 2023 hedge fund letters, conferences and more
An example of how we find themes:
We think of economies and markets in three broad layers. At the highest layer, is high level macro data. We primarily study this level of data and trends for risk management, not for alpha creation. The middle layer is where we find investment themes....
