The Centaur Value Fund produced a return of -0.8% net to partners for September. Investors may have been disappointed with this performance but year-to-date the fund is up 8% gross and 7.5% net compared to 7.8% for the S&P 500. Over the longer term, the fund has whipped the index producing a gross total return of 466.1% (346.3% net) since inception (August 1, 2002) compared to the S&P 500’s total return of 217.5% over the same period.

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