Merion Road Capital, an investment advisor, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Merion Road Small Cap Fund returned 11.2% and 11.5% for the full year. From an attribution perspective, +5.2% came from the risk-free rate, +3.9% from our market exposure, and +2.5% from […]
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