Dear Friends & Partners,
Our investment returns are summarized in the table below:
Strategy |
Month |
YTD |
12 Months |
24 Months |
36 Months |
Inception |
LRT Global Opportunities |
+0.87% |
+12.43% |
-2.88% |
+8.66% |
-2.51% |
+19.25% |
Results as of 6/30/2024. Periods longer than one year are annualized. All results are net of all fees and expenses. Past returns are no guarantee of future results. Please see the end of this letter for additional disclosures. |
LRT Global Opportunities is a systematic long/ short strategy that seeks to generate positive returns while controlling downside risks and maintaining a low net exposure to the equity markets.
For the month of June, the strategy was up +0.87%, bringing overall results to +12.43% for the year. All results are net of fees. Beta-adjusted net exposure was 14.17% at month end. The attribution of June’s return was 0.58% from market beta, and 0.29% from our alpha generation.1 Our longs detracted from performance but were offset by our shorts. Top gainers on the long side included Taiwan Semiconductor Manufacturing (TSM), Toro Co. (TTC) and Wyndham Hotels & Resorts, Inc. (WH) partially offset by losses on Albemarle Corporation (ALB), Ball Corporation (BALL), and Deckers Outdoor Corp. (DECK).
See the appendix for additional disclosures.
We continue to be cautious on the overall market as evidenced by our current low market beta.
I take seriously the responsibility and the trust that you have given me as a steward of a part of your savings.
As always, if you have any questions, please don’t hesitate to contact me. I appreciate all your ongoing support.
Lukasz Tomicki, Portfolio Manager LRT Capital
Footnotes 1Numbers may not add up due to rounding. |
Appendix
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