Andvari Associates, an investment management firm, released its fourth-quarter 2024 investor letter. Andvari achieved a full-year performance of 13.3%, significantly surpassing the long-term market average, on an absolute basis. However, on a relative scale, the fund fell short of the market, which is disappointing. This underperformance can largely be attributed to the weaker performance of equity allocation. Additionally, the firm increased the overall allocation to fixed income for clients who are approaching or are at retirement age, which has also played a role. In addition, you can...
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