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While the reign of mega-cap tech continues despite last year’s interest rate-related regime change, we were pleased with our returns in 2023, which clocked in at 25.4% net of all fees and expenses.

Let’s look at a few of our investments, some of which were certainly not immune to 2022's aversion, but which since early 2023 have exhibited a dispersion in performance compared to the overall market as investors apply a more reasonable level of discernment towards individual business quality and performance.

Despite our general preference for small- and micro-cap growth businesses, the unique combination of Nintendo’s massive opportunities and minimal risks makes it a company we simply must own. In fact, we believe Nintendo’s current setup is perhaps the best in the company’s modern history.

We’re pleased to present our annual letter for 2019. It’s quite belated – indeed, it also addresses much of 2020 – but we believe it provides helpful insight into our performance to date, and into the Fund as a whole and how we run it. We hope you agree.

We’re proud to report that Nintendo, current heavyweight champ of the console world and 800-ton Godzilla of the increasingly resilient, fast-growing videogame industry, became our largest investment during the tail end of Q4 and early January.

We’re happy to report that accounts managed by Crossroads Capital put up solid results in our first full year of operation.