Investor Letters

Letters through April 30, 2024

1 letter reporting on the period ending April 30, 2024, in each firm's own reckoning.

Quercus Fund 2024 Second Letter to Shareholders Quercus Fund argues that patience is essential when owning deeply undervalued businesses through market volatility. It details Tianjin Development Holdings’ indirect exposure to Otis China’s expanding service portfolio and China Sanjiang Fine Chemicals’ new plant, improving volumes and insider share purchases. 2024 (Jan-Apr) 0882 $278MOTIS $25B