Launched in August 2008, the A Bit of Value Fund (ABV Fund) is a long-term oriented value-based private investment fund. The ABV Fund seeks investments that are trading at a substantial discount to their intrinsic value. Typically these investments are in the form of common stock, but the fund may also invest in other types of securities such as preferred stocks, convertibles, options, and warrants.
An introduction to The ABV Fund written at the end of q1 2012 can be found here. It provides an overview of the basic principles and historical performance of the fund.
The latest letter to investors can be found here (March 2013).
*****
Readers should perform their own due diligence before making investment decisions. Blindly following anyone else’s investment decisions is a recipe for disaster – I once did this by taking a position in a stock after seeing a lot of “famous” hedge fund managers accumulating a position. In the end the position was worthless and I lost a good chunk of my investments and learnt to do my own due-diligence.
As described above, The ABV Fund is a private investment fun. If you are interested in being notified when the fund opens to outside investors, investing with us, or have any other questions please contact me at abitofvalue@gmail.com.
*****
Links to investor letters:
Introduction to The ABV Fund – March 2012.
Investor letter for quarter ended June 2012.
Investor letter for quarter ended September 2012.
Investor letter for year ended December 2012.
Investor letter for quarter ended March 2013.
Very nice performance. Well done. That’s a great Klarman quote too.
I like that you stressed your approach was identical in 2011, it’s only the results that differed.