Acacia Capital Finds Value Overseas, Particularly UKRupert Hargreaves
International value partnership Acacia Capital, struggled to match its benchmark performance in 2018. The $737 million investment partnership, managed by Peter Kinney, lost -9.86% on a net basis for the year, underperforming the MSCI World Index by 115 basis points.
However, in the fourth quarter, the firm outperformed its benchmark significantly, returning -6.29% net, compared to the MSCI World's -13.4%.
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Since inception, the value partnership has returned 11% annualized, compared to 7.9% for the MSCI world.
These numbers understate Acacia's performance since inception because they do not reflect the firm's average cash position since inception of 39.2%. The group started 2018 with a cash position of 38.6% and averaged around 42.5% throughout the year.
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