Qualivian Investment Partners Up 40% In 2019; Concentrated Investing: Slugging Percentage versus Batting Average [Q4 Letter]

Qualivian Investment Partners letter to investors for the fourth quarter ended December 31, 2019. Q4 2019 hedge fund letters, conferences and more “The best time to buy a compounder was ten years ago. The second-best time is today” Overview The Qualivian Focus Fund is an investment partnership focused on long-only public equities. We own a concentrated portfolio (15 -25) of understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. We expect them to compound capital at a mid-teens rate and hold them for an extended period. We have a private equity approach to public equities. We are…