Yost Partners was up 0.8% for the first quarter, while the Yost Focused Long Funds lost 5% net. The firm's benchmark, the MSCI World Index, declined by 5.2%. The funds' returns outperformed their benchmark due to their tilt toward value, high exposures to energy and financials and a bias toward quality.
In his first-quarter letter to investors, which was obtained by ValueWalk, Carson Yost noted that the market continues to "batter cash bleeding companies and companies which require boundless imagination, intoxication or a mixture of the two to value." He also said that trying to determine which macro factors are most important to the market makes it difficult to forecast where the market might go next.
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