McLain Capital letter to investors for the first quarter ended March 31, 2020.
Q1 2020 hedge fund letters, conferences and more
McLain Capital Performance and Positioning Summary
For the first quarter of 2020, McLain Capital Fund I, LP returned +4.1%, net of all fees, outperforming our benchmark, the S&P 500, by approximately 25 percentage points. Throughout the first quarter, the fund’s net market exposure ranged from 20% to 35%, net long, with the fund initially positioned with gross exposures of 95% of capital long, 60% short. Given the extraordinary level of volatility in markets and the severe underperformance of many value-oriented strategies, I’m pleased with last quarter’s...

