Dear Partners:
Our portfolio gained +6.62%, net of fees, in the second quarter of 2023 compared to a gain of +8.68% for the S&P 500. For the year to date 2023, the fund was +13.12%, net of fees, compared to a gain of 16.79% for the S&P 500. Since inception, the fund is up +167.40%, net of fees, compared to a gain of +312.87% for the S&P 500.
At quarter end, the fund held 10 securities referencing 10 underlying companies and held cash of 7.0% Our top 5 positions repr