Liberty Park Capital Q4 2024 Letter To Partners

2025-01-16 03:50:00 ET

Summary

• Liberty Park Fund, LP gained 5.90% in 4Q24, driven by a 16.97% increase in long positions, despite a 14.63% rise in shorts.
• Liberty Park Select Opportunities, LP surged 17.37% in 4Q24, with gross exposure averaging 92%, benefiting from strategic long positions and bubble shorts.
• The fund is bullish on small-cap equities and cyclical domestic manufacturers, anticipating improved GDP and corporate earnings under Trump's presidency.
• HireQuest Inc. is a core long position, valued for its superior franchise-based staffing model, offering significant growth potential and undervaluation at current prices.

Dear Partner:

Liberty Park Fund, LP’s value increased 5.90%, net of fees, in the fourth quarter of 2024 vs. a 0.33% increase in the Russell 2000 ( RTY ). The 16.97% increase in our long positions contributed 15.40% on a weight-adjusted basis, while the 14.63% increase in our shorts detracted 7.86% on a weight-adjusted basis. Gross exposure averaged 125.32%. Net exposure averaged 48.39%. Gross Pure Alpha 1— our proprietary measure of returns generated from stock selection— was 5.98% for the quarter....

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