Performance
Lemelson Capital Management has Outperformed U.S. Equities and its Peers
The Spruce Peak Fund, LP
Net performance since inception (March 1, 2021 – December 31, 2023)
| Returns Profile (34 Mo.) | Fund | S&P 500 TR* | DJ/CS HF Index |
|---|---|---|---|
| Annualized Return | 16.92% | 9.96% | 3.37% |
| Cumulative Performance | 55.71% | 30.86% | 9.54% |
| Last 24 Months | 57.82% | 3.41% | 6.11% |
The Amvona Fund, LP
Net performance since inception (September 1, 2012 – January 31, 2017)
| Returns Profile (53 Mo.) | Fund | S&P 500 TR* | Barclay HFI** |
|---|---|---|---|
| Annualized Return | 27.07% | 13.93% | 5.72% |
| Cumulative Performance | 188.06% | 77.91% | 27.87% |
| Last 36 Months | 84.15% | 36.20% | 11.09% |
| Average Annual ROR* | 27.71% | 10.59% | 4.24% |
During this time, The Amvona Fund, LP, was three times ranked amongst the top-performing funds by Barron’s.
| Net Return (1) | In S&P 500 TR* (2) | Relative Results (1) – (2) | |
|---|---|---|---|
| 2012 (Sept-Dec) | 19.30% | 2.20% | 17.10% |
| 2013 | 61.39% | 32.39% | 29.00% |
| 2014 | 33.33% | 13.69% | 19.64% |
| 2015 | -46.85% | 1.38% | -48.24% |
| 2016 | 84.97% | 11.96% | 73.00% |
| 2017 (Jan) | 14.15% | 1.90% | 12.25% |
| Compounded Annual Gain | 27.07% | 13.93% | 13.13% |
| Overall Gain | 188.06% | 77.92% | 110.14% |
Results are based on a hypothetical day-one investor. The “Average Annual ROR” is the sum of the returns divided by whole years, even though some years are only partial (e.g., 2012).
*The S&P 500 Total Return Index includes the reinvestment of dividends.
**All references to the Barclay Hedge Fund Index (HFI) or DJ/CS Index reflect performance calculated through the last available date.
NOTICE AND DISCLAIMER:
This material is presented for informational purposes only and does not constitute legal, tax, accounting, or investment advice, nor an offer to sell or the solicitation of an offer to purchase any interest in The Spruce Peak Fund, LP, The Amvona Fund, LP, or any fund managed by Lemelson Capital Management, LLC (the “Advisor”). Any such offer or solicitation may only be made to qualified prospective investors by means of delivery of the fund’s definitive Confidential Private Offering Memorandum, Limited Partnership Agreement, and Subscription Agreement (the “Offering Documents”). Interests in the funds are available exclusively to qualified investors who meet the definition of “Accredited Investors” under Regulation D and/or “Qualified Purchasers” under the Investment Company Act of 1940. Investments in private funds are speculative, illiquid, subject to substantial restrictions on transfer and redemption, and involve a high degree of risk, including the potential loss of principal.
Performance Data & Benchmark Methodology: Performance data represents net performance after the deduction of all vehicle-level expenses (including brokerage commissions, management fees, performance allocations/carried interest, audit, legal, and administrative operating costs) and reflects the reinvestment of dividends, interest, and capital gains. Net returns presented for specific periods represent a hypothetical day-one, full-fee-paying investor under applicable fee schedules and high-water mark / hurdle rate provisions; an individual investor’s net return may differ materially due to differences in fee arrangements, high-water marks, and the timing of capital contributions and withdrawals. Returns are estimated and unaudited unless specifically indicated as audited figures. Past performance is not necessarily indicative of future results, and the value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. Comparisons to market indices (S&P 500 Total Return Index, Barclay Hedge Fund Index, DJ/CS Hedge Fund Index) are for informational and context purposes only. Indices are unmanaged, reflect dividend reinvestment, and do not reflect deductions for fees or transaction expenses, which reduce returns. The funds’ investment programs, holdings, sector concentrations, leverage, and volatility differ materially from the indices. Investors cannot invest directly in an index. References to third-party rankings (including Barron’s) reflect historical industry recognitions based on criteria evaluated by independent rating organizations; the Advisor did not pay any compensation to be included in or receive such rankings.
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