Steamboat Capital doesn’t like SPACs, but invested anyway; here is why [Q1 Letter]

Steamboat Capital Partners was up 3.19% net and 4.49% gross for the first quarter, underperforming the S&P 500’s 6.17% gain and the Russell 2000’s 12.7% return. However, the fund beat the Credit Suisse Hedge Fund Index’s 2.85% return for the first quarter. Q1 2021 hedge fund letters, conferences and more Biggest contributors and detractors Steamboat’s long positions contributed 9.72% gross to its first-quarter return, while its shorts subtracted 5.19%. The fund employs a value-oriented investment philosophy in listed equity and debt securities. In his first-quarter letter to investors, which was reviewed by ValueWalk, Parsa Kiai of Steamboat said the fund’s…