CWP is a discretionary portfolio set up on January 1st, 2016 with a strategy of high growth, low-beta, with high safety margin.  This portfolio is actively managed according to the fund strategy.  Performance presented in this document includes the period of  January 4th, 2016 through May 15th, 2020.

 

The CWP long-bias equity fund allocates the fund capital in primarily long equity positions across all market capitalizations, both foreign and domestic, that are considered attractively priced (longs). The Pre-fund portfolio has averaged 39 positions since inception but had 19 positions in the last 15 months.  A core position for the public fund portfolio available to limited partners is 3%-5% so that on average the fund would hold 25-35 positions diversified across various industries. It is very rare that enough companies are sufficiently discounted to warrant this level of concentration, so concentration will vary with the price to fair value ratio. We will invest fund assets in positions as small as 1% when price to value ratios are higher. We will not invest fund assets in any business that is trading above our estimate of fair value. CWP does not use margin or options to enhance performance or hedge positions  and may use only up to 100% of the portfolio net assets as part of the investment strategy. We believe the management of the portfolio to date accurately mirrors the current management of the portfolio and how we intend to manage it for the foreseeable future. Results for the portfolio are presented after relevant fees for limited partners have been deducted to mirror the current CWP portfolio. Past performance is not indicative of future results. 

 

The U.S. Dollar is the currency used to express fund performance. The annual composite dispersion presented is an asset weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The firm’s list of composite descriptions is available upon request.    The composite benchmark is the S&P 500 and the Russell 2000 Growth Index category which measures the performance of a large sample size of investable vehicles with similar investment strategies to the CWC Long Bias Equity composite.

 

CWP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards.