2022 brought widespread market declines and significant economic and geopolitical headwinds. Through it all, BlackBird meaningfully outperformed the market and the vast majority of competing funds.
Upon occasion we find opportunities that are particularly attractive. At such moments, we notify clients so they can partake to the greatest extent feasible.
While the market declined more than 20% during the first half of 2022, BlackBird outperformed by nearly 15%. This is a reflection of the conservative approach inherent in our DNA.
In 2022, we added only one new name to our investment portfolio, demonstrating yet again that in the field of investment, less is more.
As we know, taxes play a meaningful role in the success of an investment program. In this letter, we discuss this topic in greater detail and provide some insight into our tax mitigation strategies (or lack thereof).
2020 was a tale of two years. It brought both enormous destruction and major advancement. Within the chaos, we followed our strategy to achieve extraordinary results for our Limited Partners.
Before we can find great investments, we must understand what makes a wonderful business wonderful.
At the start of one of the greatest crises our country has ever faced, markets were plummeting with no end in sight. The panic was palpable on Wall Street and across the business community in the United States. Under those circumstances, BlackBird found several fantastic investment opportunities, and in this letter we urged our Limited Partners to invest any excess capital they had available.
2019 brought tremendous changes to BlackBird. The specifics are detailed in this Annual Letter.
