The Castlewood Select Funds flagship fund, the Castlewood Select Opportunity Fund, posted a 3.2 per cent return net of fees and expenses for the third-quarter 2017, its fourteenth consecutive monthly gain.
Mark Wittenstein (pictured), Managing Partner of the Castlewood Select Funds, says this puts the Fund up 13.8 per cent YTD through September 2017 and caps a 12-month return of 18.7 per cent for the Macro Fund.
“The market logged its sixth straight month of gains in September and continues on its streak of all-time highs to open the final quarter of 2017. For its part – with a gain of 1.09 per cent in September – Castlewood posted its fourteenth consecutive monthly advance and extended to eight its string of quarterly gains,” says Wittenstein. “Investor anxiety brought about by the heightened tensions between North Korea and the United States is evidently a thing of the past and so apparently are any concerns about market disrupting events out of Washington DC. Even a move by the Federal Reserve Bank to tighten monetary policy was greeted with a rally. For now it seems that all news is good news.”
Though he is positioning the Fund with a measure of caution heading into year-end – citing developing concerns over investor complacency and extended valuations – Wittenstein notes that quarterly earnings announcements are right around the corner and expectations are high for another round of blowout numbers. With few hurdles left between now and year-end, it appears that investors are going all-in for a big finish to a year that has surprised many with its unrelenting push higher.
