Steamboat Capital Down 5.3 Percent Despite Gains On Valeant Short

The first quarter of 2016 was a period Steamboat Capital Partners would rather forget.

For the period, the fund returned -5.3% gross and -5.9% net as short positions to lag down the portfolio. At the end of March 2016, the fund has total gross exposure of 135.2%, 49.4% short and 85.8% long. That’s according to the fund’s first quarter letter to investors a copy of which has been reviewed by ValueWalk.

During the first three months the year the long portfolio produced a return of -1.1% and the short portfolio produced a return of -4.3%. Since inception (July 2, 2012) Steamboat has produced an annualized return of 14.2% net compared to 14.1% for the S&P 500 and 4.3% for the Credit Suisse...