Willow Oak Select Fund Partner Letter January 22, 2019

About: Belmond Ltd. (BEL)
by: Fund Letters

Willow Oak Select Fund is a curated set of global investment opportunities that is designed to provide differentiated returns. We place an emphasis on strong balance sheets, growing and durable businesses, and superior management teams.

Includes detailed analysis of Willow Oak Select Fund’s position in Belmond Ltd.

For the quarter ended December 31, 2018, the fund was down -13.50%, versus -13.44 % for the benchmark index, MSCI.

The fourth quarter was our first full quarter of operation. We were busy building our portfolio, our network of contributing managers, and our investment methodology.

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