Boyles Asset Management, the value investing firm managed by Joseph Koster and Matthew Miller, is up just under 10% year-to-date according to a copy of the firm's third-quarter letter to investors, a copy of which has been reviewed by ValueWalk. Since inception (May 2013) the fund has produced an annualized return of approximately 5%, underperforming the S&P 500 by nearly 8% per annum over the same period.
Boyles' performance has been dented by the firm's most significant position, a holding in UK marketing firm System1. Accounting for more than 12% of the portfolio at the end of the third quarter, shares in System1 are down by 60% from their 2017 peak and down by more than 20% year-to-date.
[klarman]
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