Choice Equities Up 29% Gross In 2018 And CAGR Since Inception On New Long Small Cap Stock

2018 Q3 Choice Equities Fund, LP Investor Letter

The letter details the strong performance for the year thus far and provides the usual market and investment landscape commentary.

Dear Investor:

The large and small cap indices posted another gain in the third quarter, again taking turns leading the market higher. The large cap S&P 500 index was up +7.7%, while the small cap Russell 2000 was up +3.6%, respectively. Together these results put our Small / Large Blended Benchmark up +4.6% for the quarter. Choice Equities Fund (CEF) largely treaded water for the quarter, down -.6% and -.7% on a gross and net basis. Despite the flat performance in the quarter, we continue to be pleased with the year thus far, up +35.9% gross and +28.5% net, as well as our +37.3% and +29.1% gross and net annualized rates of return since becoming independent at the start of 2017.

Executive Summary

In this letter, we will discuss drivers of performance for the quarter with a principal focus on