Dear Partner,
In the third quarter of 2020, Woodbridge Capital Partners (the “Partnership”) returned 19.58% while the S&P 500 returned 8.47%.
Although we are delighted with our results in Q3, we want to reiterate that the success of our investment strategy can only be measured over the long term. We expect the volatility of our investments to continue to exceed that of the S&P 500. Over the next few quarters, the volatility of the market as a whole may be further amplified by uncertainty regarding the upcoming election and COVID-19. We also believe that current stock prices are elevated. As a result, the universe of stocks from which we choose our investments have not offered yields as attractive as before.
Despite this challenging investment environment, we believe that we are well positioned to meet our investment objective of outperforming a low-cost S&P 500 index fund over the long term. Thank you for continuing to place your trust in us to manage your money. We remain committed to the investment success of our partners.
Sincerely,
Kyosuke Mitsuishi & Jesse Flowers