For Q1 2019, TSC Contrarian Fund generated a net return of 19.40%, while S&P 500 returned 13.65%, beating the S&P 500 index in one of its best performing quarters in history.
(Past performance is not indicative of future results.)
Despite the strong market rally, our short basket performed well detracting only 5%. Online used-car retailer Carvana jumped 77% during the first quarter making the biggest contribution to the fund's performance.
(Return contributions by stock are shown as gross of fees.)
As the S&P 500 index recovered fast from the December crash and continues its 10-year-long bull market, we reduced our net exposure to maintain a well-hedge portfolio to protect against potential market downturns.