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Choice Equities Fund 3Q19 Investor Letter: Long This Small-Cap Cloud

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Jacob Wolinsky
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Choice Equities Fund letter to investors for the third quarter ended September 30, 2019.

Q3 2019 hedge fund letters, conferences and more

Dear Investor:

Markets were up and down in Q3. The large caps again continued their outperformance over small caps, as the S&P 500 added +1.7% to year-to-date gains while the Russell 2000 gave back -2.4% for the quarter. Our portfolio was up +5.5% in the quarter. This latest update now means $1 invested in our portfolio since becoming independent in 2017 is worth $1.58 versus our Small/Large blended benchmark of $1.22.

Executive Summary

In this letter, we highlight Bluelinx (BXC) and The Rubicon Project (RUBI) as the notable performance drivers for the quarter. We then discuss new portfolio additions At...

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Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob worked as an equity analyst covering small caps, a micro-cap analyst, doing member development a large hedge fund community and freelance financial writing. Jacob lives with his wife and five kids in Passaic NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal id. Other methods of secure communication are also available. FD: I almost exclusively avoid the purchase of equities to avoid conflict of interest and any insider information. I only purchase broad-based ETFs and mutual funds. I will disclsoe if I have a stake in any company, but in general avoid