Cliff Sosin isn’t giving up on retail during the pandemic

Sosin Partners was down 44.3% net for the first quarter, compared to the SPY exchange-traded fund's 19.5% decline including dividends. In his first-quarter letter to investors, which was reviewed by ValueWalk, Clifford Sosin said the fund ended the first quarter with seven stock positions "of any significance on the long side of the balance sheet."

Q1 2020 hedge fund letters, conferences and more

The fund's long positions were 104% of its equity capital. The largest position at 39% of equity is still Carvana. He said there are a few other small items on the fund's balance sheet, but "none are...