Annual Letter to Investors
 | 
2022

Let’s look at a few of our investments, some of which were certainly not immune to 2022's aversion, but which since early 2023 have exhibited a dispersion in performance compared to the overall market as investors apply a more reasonable level of discernment towards individual business quality and performance.

Annual Letter to Investors
 | 
2021

Despite our general preference for small- and micro-cap growth businesses, the unique combination of Nintendo’s massive opportunities and minimal risks makes it a company we simply must own. In fact, we believe Nintendo’s current setup is perhaps the best in the company’s modern history.

Annual Letter to Investors
 | 
2019

We’re pleased to present our annual letter for 2019. It’s quite belated – indeed, it also addresses much of 2020 – but we believe it provides helpful insight into our performance to date, and into the Fund as a whole and how we run it. We hope you agree.

Annual Letter to Investors
 | 
2018

We’re proud to report that Nintendo, current heavyweight champ of the console world and 800-ton Godzilla of the increasingly resilient, fast-growing videogame industry, became our largest investment during the tail end of Q4 and early January.

Annual Letter to Investors
 | 
2017

We’re happy to report that accounts managed by Crossroads Capital put up solid results in our first full year of operation.

LETTERS