Results
|
Annual % Change |
Compound % Change |
||||
|
MGP, LP (Gross) |
MGP, LP (Net) |
HFRI Fund Index |
MGP, LP (Gross) |
MGP, LP (Net) |
|
|
2015 |
(3.5%) |
(5.0%) |
(1.1%) |
(3.5%) |
(5.0%) |
|
2016 |
24.5% |
18.9% |
5.4% |
9.6% |
6.3% |
|
2017 |
(3.3%) |
(4.7%) |
8.6% |
5.1% |
2.5% |
|
2018 |
(0.9%) |
(2.4%) |
(4.7%) |
3.6% |
1.2% |
|
2019 |
30.0% |
23.9% |
10.4% |
8.4% |
5.4% |
|
2020 |
34.2% |
25.7% |
11.8% |
12.3% |
8.6% |
|
2021 |
8.5% |
5.5% |
10.2% |
11.8% |
8.1% |
|
2022 |
(44.8%) |
(45.7%) |
(4.3%) |
2.3% |
(0.8%) |
|
2023 |
21.6% |
19.9% |
8.1% |
4.3% |
1.3% |
|
Aggregate |
46.3% |
12.3% |
52.0% |
||
|
Annualized |
4.3% |
1.3% |
4.8% |
||
Cash Management
Since Mutoro Group Partners, LP began investing in 2015, equity markets in the United States have continually broached new all-time highs. Throughout this period, the partnership has consistently held substantial cash as a portion of the portfolio. Cash serves two main benefits. Firstly, it is a de facto (though inefficient) short position against lofty market valuations. Secondly, it helps prepare to take advantage of falling market prices. Most notably, in early 2016, late 2018, and the global pandemic of 2020 we used cash to buy into individual companies whose prices became attractive because of scandals idiosyncratic to them. While holding cash in these percentages was not a popular position to take during the last few years, and restrained us in competition with market indices, risk-adjusted we still achieved attractive returns.
Cash as a % of Portfolio Assets
Terms
The Securities and Exchange Commission (SEC) stipulates that we accept as limited partners those who are “accredited investors”.
To be “accredited” means to have:
Annual income above $200,000, or $300,000 combined with your spouse, or
Net worth greater than $1,000,000 (excluding your home and any mortgage on it)
If you meet either of those criteria, and can verify that through documentation, we are able to welcome you as a partner in Mutoro Group Partners, LP.
Beyond the SEC's requirements - the terms of Mutoro Group Partners, LP are as follows:
1.5% Management Fee - allows us to cover our operating and research expenses
20% Incentive Fee - how we are compensated for managing your money. We only make money when you make money
High Water Mark - should the value of your investment in the fund decline, we do not receive future incentive fees until we have recouped your losses
1 Year Lock-Up - the earliest you can redeem your investment in the fund is one year after you make the investment
Semi-Annual Redemption Windows - after the first year as a limited partner, you can withdraw your money once every six months with a 45 day notice period. We invest with a multi-year time frame though so we hope you can only invest money that you are comfortable investing for a similarly long duration