Bronte Capital Shareholder Letters: The Beginning

Bronte Capital has racked up one of the most impressive performances of its hedge fund peer group over the past six years. From inception during the first-half of 2009, to the beginning of July 2014, when Bronte pooled its funds, the group’s separately managed accounts produced an annualized return of 31.5% and cumulative return of 293.2% after fees. [schloss] Below is a copy of Bronte Capital’s first letter to investors of its separately managed accounts. The letter was sent to investors only a few months after the fund had started trading. A full list of positions are included. Bronte Capital…