Hummingbird Partners Q3 Letter: Two Unspoken but No Less Insidious Dangers

Hummingbird Partners, a prominent long/short hedge fund founded by Frank Martin and Peter Wong ended the third quarter with a gain of 0.61%, compared with a gain of 3.9% of the S&P 500. Year-to-date the fund is up 2.63% compared to the S&P 500 7.8%. At the end of the third quarter, long equities were 46.7% of total assets.

Frank Martin of Hummingbird Partners on Cyclical Investing

Q3 hedge fund letters

Before starting Hummingbird Partners, Martin had his own investment management firm where his equity composite index beat the S&P 500 by some 700 basis points per year over its life. However, thanks to his cautious stance, Martin underperformed. Throughout the life of the firm Martin was only ever 30% to...