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Eschler Recovery Fund 1Q20 Commentary

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Jacob Wolinsky
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Eschler Recovery Fund commentary for the first quarter ended March 31, 2020.

Q1 2020 hedge fund letters, conferences and more

Dear Partners,

Eschler Recovery Fund fell 24.7% in Q1 2020, net of fees and expenses, as global equity markets abruptly priced in a sharp recession catalysed by measures to contain a metastasizing health crisis. At quarter-end, the S&P 500 had fallen by 20% (recovering somewhat from -33.9% peak-to-trough) and the Russell 2000 by 30.6%. Small-cap value indices more representative of the Fund’s universe, such as the Russell 2000 Value Index, fell by over 35%. The median US stock (Value Line Geometric Index) fell 35.8%.

To be sure, we are in unchartered territory. Billions of people are currently quarantined at home. Tens...

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Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob covered small caps, worked recruiting members for a large hedge fund community and freelance financial journalism. Jacob lives with his wife and five kids in Passaic Park NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal ID. Other methods of secure communication are also available. FD: Most of my portfolio is in I mostly purchase broad-based ETFs, mutual funds or individual bonds - I do this for performance reasons and to avoid any potential conflict of interest or occasional receipt of insider information. I will disclose if I have a stake in any company, but in general I have few stocks and I avoid any trading especially around topics I am covering.