ADW Capital Partners returned 7.8% for the year to the end of September 2019, compared to a gain of 20.6% for the S&P 500 and 14.2% for the Russell 2000. That's a copy of the hedge fund's letter that ValueWalk has been able to review.
After returning 59.2% net of fees in 2017, ADW started to struggle in 2018. As the market tanked at the end of the year, ADW's portfolio collapsed. It ended the year down -33% net of all fees and expenses, compared to a loss of -4.4% for the S&P 500.
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