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.
Q4 hedge fund letters, conference, scoops etc
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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