Castlewood Books Eighth Straight Quarter of Positive Returns

Oct 4 2017 | 9:35pm ET

Castlewood’s flagship Select Opportunity Fund booked its fourteenth consecutive monthly advance in September, gaining +1.09% for the month to end the third quarter +3.2% net of fees and expenses. 

The macro-oriented fund is now up +13.8% for the year to date, according to Mark Wittenstein, managing partner of Castlewood, and +18.7% for the last 12 months. 

“The market logged its sixth straight month of gains in September and continues on its streak of all-time highs,” said Wittenstein to FINalternatives. “For its part, with a gain of 1.09% in September, Castlewood posted its fourteenth consecutive monthly advance and extended to eight its string of quarterly gains.” 

“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,” added Wittenstein.  “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.” 

Wittenstein is positioning the fund cautiously heading into year-end, he continued, citing developing concerns over investor complacency and extended valuations. However, Wittenstein also notes high expectations for third-quarter earnings announcements and the fact that few hurdles exist 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,” he said.  

Headquartered in Princeton, NJ, Castlewood was founded in 2014 by Wittenstein and former Smith Barney executive Joseph Madison. The company’s main fund is a macro-oriented, multi-strategy vehicle aimed at generating long-term absolute returns. 

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