Investor Letters

Letters through May 31, 2023

1 letter reporting on the period ending May 31, 2023, in each firm's own reckoning.

Bireme Capital May 2023 Investor Letter Bireme Capital increased its community-bank basket, initiated Airtel Africa, retained Bollore through its tender and logistics-sale developments, and added a Sunrun short. It argues for conservatively financed businesses with pricing power as higher rates expose refinancing assumptions and pressure commercial real estate. the first five months of 2023 AAFRF $15BBOL $12BCGECF $317M