I wanted to write a brief post to share a letter I sent to my investors last month. There have been some changes happening at Saber Capital that I thought I’d mention here to readers: the company is transitioning from a separate account manager to a fund structure. This letter recaps my reasoning for making this change. I also discuss Saber Investment Fund’s recent performance, its historical performance, and our current portfolio.

As I mention in the letter, the partnership is the only fund that Saber has ever managed outside of separate accounts. The fund had slightly different concentration levels at times than the separate accounts, but it was managed using the same strategy and security selection.

I am going to publish this letter in the near future on Saber Capital’s site, but I wanted to share it here with readers in the meantime. In addition to the updates I post for members on this site, I plan to begin posting occasional public writing on Saber Capital’s website. The firm’s site has a page called Saber Notes, which will replace the old free site (Base Hit Investing) where I have historically published most of my content.

In short, no changes to what I’m writing on this site, but I will transition most of my public commentary from my old blog to my company’s site. Most of you are probably subscribed to that distribution list, but if you’re not (or you want to check), please go ahead and add your email to Saber’s distribution list here.

I’ll have more updates soon on other portfolio positions, as well as some new ideas as I continue seeking out high-quality investment opportunities.

Thanks for reading!

John Huber is the founder of Saber Capital Management, LLC. Saber is the general partner and manager to Saber Investment Fund, LP, an investment partnership. Saber’s strategy is to make very carefully selected investments in undervalued stocks of great businesses.

John can be reached at john@sabercapitalmgt.com.