Stanphyl Capital October 2023 Letter

Stanphyl Capital's letter to investors for the month ended October 31, 2023.

Friends and Fellow Investors:

For October 2023 the fund was up approximately 15.9% net of all fees and expenses. By way of comparison, the S&P 500 was down 2.1% and the Russell 2000 was down 6.8%. Year-to-date the fund is down approximately 9.0% net. By way of comparison, the S&P 500 is up 10.7% and the Russell 2000 is down 4.5%. Since inception on June 1, 2011 the fund is up approximately 172.8% net while the S&P 500 is up 297.1% and the Russell 2000 is up 132.2%. Since inception the fund has compounded at approximately 8.4% net annually vs. 11.8% for the S&P 500 and 7.0% for the Russell...