Kerrisdale Partners LP achieved a quarterly return, net to investors, of 12.3% for the quarter ended December 31, 2013. The S&P 500 index returned 10.5% during that time.
Below is the full letter to shareholders
Year-to-date, the fund has achieved a return of 27.1%, compared with 32.4% for the S&P 500 index. Since inception, the fund has achieved a return, net to investors, of 887.9%. The S&P 500 index has returned 121.2% during that time.
The fund was up 12.3% in the quarter ended 12/31/13 net of fees, comprised of monthly returns of 4.2%, 5.0% and 2.7% for October, November and December, respectively. In comparison, the S&P 500 was up 10.5% over the quarter, comprised of monthly returns of 4.6%, 3.0% and 2.5%. The...
