Investor Letters

Letters through May 31, 2023

1 letter reporting on the period ending May 31, 2023, in each firm's own reckoning.

Bireme Capital May 2023 Investor Letter Fundamental Value argues that a higher-rate, inflationary regime exposes fragile refinancing assumptions, especially in commercial real estate, and favors cash-generative companies with pricing power. It added Airtel Africa and community banks, retained Bollore and Meta Platforms, and shorted Sunrun over its cash burn and aggressive contract-value assumptions. first five months of 2023 +8.0% AAFRF $16BBOL $12BCGECF $392MMETA $1.4T