Firebird Management’s Q1 2019 Investor Letter

Firebird Management is an NYC-based hedge fund that was co-founded in 1994 by Harvey Sawikin and  Ian Hague. The fund prefers investing in emerging markets, with a special interest in the former Soviet Union and infrastructure and coal mining sectors. Harvey Sawikin is the fund’s Principal, and he is also a lead manager of Firebird’s Eastern Europe and Russia funds. He graduated from Columbia University (Magna Cum Laude) and Harvard Law School (Cum Laude). Recently, Firebird released its Q1 2019 Investor Letter, a copy of which you can track down below. In the letter, among other things, the fund reported about its portfolio update, which included selling out its position in Chipotle (CMG) and two new additions.

“Dear friend of Firebird U.S. Value Fund,

The biggest positive contributor in the quarter was Tegna(TGNA), which reported 2018 results showing a 46% increase in political advertising compared to the last mid term election cycle (2014) and eight consecutive months of increases in paid subscribers. As we predicted in our Q2 2018letter, sustained growth in subscribers represents an inflection point and is shifting the market perception of the company from one that is in steady decline to one that is growing. We look for these inflection points because they often lead to significant multiple expansion.”

You can download a copy of Firbird Management’s Q1 2019 Investor Letter here:

Firebird Management 2019 Q1 Letter