Quercus Fund 2024 Third Letter To Shareholders [Seeking Alpha]
FIRST PAC CO LTD S/ADR (FPAFY)
NASDAQ:AMEX Investor Relations:
firstpacific.com
Company Research
Source: Seeking Alpha
2024 has been exceptionally positive for the Fund, but this performance should be considered an outlier and not expected to repeat. The Fund's portfolio, heavily invested in Hong Kong stocks, benefited from recent market movements but remains distinct from major indexes like HSI. No new positions were added in 2024; the focus remains on high-quality, undervalued stocks with long-term potential, despite market apathy. The intrinsic value of the portfolio is significantly higher than market prices, and positions will be sold if they reach fair value to redeploy capital. Nikada Dear partners, Until the end of September, 2024 has been an exceptionally positive year; in fact, our best since the inception of the Fund - so far; there is still plenty of time for your investment manager to screw things up. To this extent, it should surely be considered an outlier. Do not expect such short term performance to be repeated. Annual ACWI SPY 2020 (Dec) 2024 (Jan-Sep) Accumu
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