Performing Capital, the long-biased hedge fund, which has produced a compound annual return of 11.7% net of fees since its inception in November 2013, returned 0.8% during the first quarter of 2023.
The fund, which focuses on finding "misunderstood securities" predominantly buying companies in "value creation" mode, had an average net long exposure of 42.4% during the first quarter, slightly below its long-term average exposure of 51% since inception.
In Performing's first quarter investor update, Howard Rosencrans, CFA, the firm's CIO and principal, notes the hedge fund made some significant changes to its portfolio in the first three months of the year.
Q1 2023 hedge fund letters, conferences and more
The market environment...
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