Tourlite Capital Q4 2024 Investor Letter

2025-02-21 02:45:00 ET

Summary

• Tourlite Fund, LP returned 0.4% for the Fourth Quarter of 2024 and 14.2% for the full year.
• We continue to see downside risks to broader equity markets due to stagnant real earnings, particularly in the consumer sector and among lower-quality businesses, while valuations remain broadly elevated.
• While timing market tops is inherently difficult, we are poised to capitalize on these opportunities as they emerge.
• We continued to capture a positive spread between our long and short positions and believe thecurrent environment remains favorable for our long/short stock-picking strategy.

To My Partners:

Tourlite Fund, LP returned 0.4% for the Fourth Quarter of 2024 and 14.2% for the full year. The Fund has annualized returns of 10.2% since inception, compared to 11.6% for the S&P 500 ( SP500 , SPX ) and 4.2% for the Russell 2000 ( RTY ). ^{1 ,2} We believe this to be strong considering our continued near-zero net exposure since inception in April 2022.

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