Avenir Global Fund 4Q18 Commentary: Hong Kong Firm With Prior Audit Trouble Is Big Winner

Avenir Global Fund commentary for the fourth quarter ended December 31, 2018. Q4 hedge fund letters, conference, scoops etc Dear Partner: The Avenir Global Fund (the “Fund”) delivered a marginally positive 0.9% return for the full year 2018 after declining 8.4%, net of fees, for the December quarter. The MSCI ACWI index (in AUD) declined 10.3% for the December 2018 quarter and rose 0.6% over 2018, while the S&P 500 lost 13.5% for the December quarter and declined 4.4% for the full year2. Other market indices saw even more marked declines. The U.S. smaller cap focused Russell 2000 lost 20%…