Sy Jacobs' JAM Partners ended the fourth quarter up 13.8% net, improving its loss to -2.1% for 2020.
Q4 2020 hedge fund letters, conferences and more
According to a copy of the firm's fourth-quarter and full-year letter to investors, which ValueWalk has been able to review, the long/short hedge fund, which prides itself on its financial sector investments, averaged the year around 0% long. Although, the beta-adjusted figure increased to more than 13% by the end of the year.
The letter reported that short positions lost -21.9% during the fourth quarter, significantly "less" than longs, which earned 35.7%.
Deep value banking plays
The biggest winners in the portfolio, the letter went on to add, were JAM's "deep value bank longs."
These included two...
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