Research · 2024-12-20
Diversification without hiding
Country and industry spread is a risk tool in a concentrated micro-cap book — not a claim that the fund looks like an index.
A long-biased micro-cap book will never look like the S&P 500, and it should not be compared as if it does. HIT Capital has historically held names across multiple countries and industries, with most of the book in sub-$500 million companies.
Diversification here is about not being a single-story fund: one country, one commodity, one owner-operator. It is not a promise of index-like smoothness. Options, cash, and position sizing can make any period look unlike a simple micro-cap ETF.
Index comparisons in old partner letters are imperfect by construction. If you need a performance discussion, it belongs in reviewed materials, not in a marketing grid.
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