GreenWood Investors’ Q4 2021 Investor Letter

GreenWood Investors, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. The fund’s fourth-quarter performance was impacted along with most other stocks, -12.3% for the Global Micro Fund and -10.9% for the euro-denominated Luxembourg Global Fund. Both funds were up 13.0% and 24.2% respectively for the year, highlighting the impact of our unhedged currency position that we believe is transitory. These returns frustratingly compare poorly to the MSCI ACWI benchmark returns of +6.0% in the quarter and +18.2% YTD (+16.6% and +27.2% respectively in euro-denominations). Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.