GrizzlyRock: Long Thesis For This European Travel Company [Q1 Letter] – ValueWalk Premium
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GrizzlyRock: Long Thesis For This European Travel Company [Q1 Letter]

GrizzlyRock Value Partners was up 16.6% for the first quarter, compared to the S&P 500's 5.77% gain and the Russell 2000's 12.44% return. GrizzlyRock's long return was 22.3% gross, while its short return was -2.9% gross. Compared to the Russell 2000, the fund's long portfolio delivered alpha of 10.8%, while its short portfolio delivered alpha of 2.8%.

Q1 2021 hedge fund letters, conferences and more

The fund's geometric annual return returned to the double digits after the first quarter, rising to 10.81% net. At the end of the quarter, GrizzlyRock was 86% long and 40% short with a gross exposure of 126%, which was close to its historical norm, although its net exposure is still a bit higher than its historical range.
eDreams
In their first-quarter letter to investors, which was reviewed by ValueWalk, Managing Partner Kyle Mowery highlighted their long position in

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