Aquitania Capital Management On Coty Inc

Unlike most other small value hedge funds, Aquitania Capital Management struggled to outperform the market during 2016. According to the firm’s fourth-quarter and full-year letter to investors, the Aquitania Capital Management Value Composite returned 3.8% net of fees (4.1% gross) in the fourth quarter of 2016 compared to the 3.8% gain in the S&P 500 and a 1.2% gain in the MSCI World Index.

For the full year, the Composite returned 8.1% net of fees (9.7% gross) compared to a gain of 12.0% in the S&P 500 and a 7.9% gain in the MSCI World Index. The Composite has returned 19.3% net of fees (27.1% gross) since inception on October 12, 2012. For further comparison, a benchmark comprised 60%...