SaltLight Worldwide Flexible Fund – Investor Letter 2Q24
The SaltLight Worldwide Flexible Fund returned 7.38% in the second quarter of 2024.
In some respects, 2024 is turning out to be a solid year. Some highlights:
Unitholder Letters
SaltLight Worldwide Flexible Fund – Investor Letter 1Q24
The SaltLight Worldwide Flexible Fund is off to a good start this year, with a +9.2% return in the first quarter of 2024.
SaltLight Worldwide Flexible Fund – Investor Letter 4Q23
The SaltLight Worldwide Flexible Fund returned 30.8% in 2023 – the final quarter turned out to be a very strong finish for the year with a +15.4% return.
SaltLight Worldwide Flexible Fund – Investor Letter 3Q23
In the dramatic theatre of business, relentless motion and constant change make an exhilarating narrative. At SaltLight, we approach investing as a serene nature documentary filled with patience and thoughtful observation. In our view, frequent portfolio reshuffling is not a badge of honour, but rather restlessness. Each portfolio adjustment is a step into murky water, exchanging the known for the unknown, and as such, we set a high threshold for action.
SaltLight SNN Worldwide Flexible Fund – Investor Letter 2Q23
Instead of melodies and rhythms, our composition unfolds on a different stage. We see ourselves as treasure hunters, sifting through a vast terrain, discovering hidden opportunities, and appraising their potential for reward. Over time, as we collect these coarse rocks, we observe, adjust, and refine our approach
SaltLight SNN Worldwide Flexible Fund – Investor Letter 1Q23
18 May 2023 PDF Version Dear Co-Investor SaltLight SNN Worldwide Flexible Fund (Class A1) Period Return 2020 (starting 11 November 2020) +3.42% 2021 +18.09% 2022 -33.58% *** 1Q +11.69% During the past quarter, our fund’s Class A units increased by 11.69%. This growth was largely… Read More »SaltLight SNN Worldwide Flexible Fund – Investor Letter 1Q23
SaltLight SNN Worldwide Flexible Fund – Investor Letter 4Q22
In this second completed year of our flagship fund, the purpose of these letters is to inform our co-investors about what we are trying to achieve and how are we trying to do it.
SaltLight SNN Worldwide Flexible Fund – Investor Letter 3Q22
We set our investment process to what the world could look like in 2028. We are more concerned with the ‘two birds in the bush’ so to speak. And then extending the adage further: what is the price implying to catch these plump birds.
SaltLight SNN Worldwide Flexible Fund – Investor Letter 2Q22
We feel the need to say: ‘Cheer Up!’ – this moment too shall pass. In the face of uncertainties, persistently negative headlines, and downbeat sentiment, it is always more helpful to lengthen perspective when others are shortening theirs.
SaltLight SNN Worldwide Flexible Fund – Investor Letter 1Q22
For us, these turbulent periods are somewhat cathartic for our investment process. Investing mistakes are usually made in the ‘good times’ when the price one pays can diminish the returns on even the most wonderful businesses because future price expectations are based on a hopeful set of outcomes rather than probabilistic realism.