Global Return Asset Management May 2019 Commentary

Global Return Asset Management commentary for the month ended May 31, 2019. Q1 hedge fund letters, conference, scoops etc Dear Friends and Partners, In May, our portfolio declined 2.1%, net.1 We ended the month with 31% of assets in cash and had a net market exposure of 41%. Year-to-date, our portfolio has gained 19.2%, net.1 As always, I encourage you to grade our results on a long-term basis; there are three reasons for this. First, we’re long-term investors and therefore, shouldn’t be distracted by the results of one month or one quarter. For most people, this is easier said than…