2016 was a bad year for Teton Capital Partners. For the year, the fund, which has earned a reputation for making winning bets on suspect Chinese companies, produced a net return for investors of only 3.8% -- it's third-worst performance since inception.

Unfortunately, this year isn't shaping up to be much better. According to the fund's third-quarter letter to investors, a copy of which has been reviewed by ValueWalk, year-to-date Teton Capital Partners is up only 2.6% to the end of September.

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