Bayes Investments - Investor Letter - Q3 2018

by: Fund Letters

We are advisors to the Made in Italy Fund, a mutual fund exclusively focused on Italian small capitalization stocks.

The Made in Italy Fund concentrates only on small caps – companies with a market capitalization below one billion euro. They are 80% of the quoted names, but less than 10% of total market value.

The Fund’s objective is to select the best 30 companies within that universe, in terms of profitability, growth and valuation.

The Made in Italy Fund had a return of 1.3% in Q3 2018. The return since inception (17 May 2016) is 42.4%. Returns are net of all fees and administration costs.