Unlike most other small value hedge funds, Aquitania Capital Management struggled to outperform the market during 2016. According to the firm’s fourth-quarter and full-year letter to investors, the Aquitania Capital Management Value Composite returned 3.8% net of fees (4.1% gross) in the fourth quarter of 2016 compared to the 3.8% gain in the S&P 500 and a 1.2% gain in the MSCI World Index.

For the full year, the Composite returned 8 . . .

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