IBV Capital Q4 2017 Partnership Letter

Summary

Includes detailed analysis of IBV Capital's positions in BAC, C, TRN, ASXXF.

The market value of our investment portfolio increased by 9.8% in the fourth quarter, and we finished the year up 17.8%.

For comparative purposes, during the fourth quarter and all of 2017, the MSCI World Index increased by 9.3% and 22.4%, respectively.