Arnott Capital – November Performance Update

Arnott Capital commentary for the month of November ended November 30, 2022. The fund returned negative 0.48% for the month of November 2022. Net exposure averaged 53% long, while gross averaged 124%. This brings our Calendar Year Return to negative 0.45% and since inception return to positive 22.11% p.a. net of fees. Q3 2022 hedge fund letters, conferences and more In his latest memo, Howard Marks says (paraphrased), “In his 53 years in the investment world he remembers only two real sea changes and that we are in the midst of a third. Inflation and interest rates are higher today…