Karsan Value Funds (KVF) is a value-oriented fund, as described here. Due to securities regulations, the fund is not open to the public at this time. Should that change in the future, there will be an announcement on this site.
For the first quarter ended March 31st, 2018, KVF lost $1.00 per share, reducing the value of each share to $26.35. This result was in between the low single-digit loss of the S&P 500 and the mid single-digit loss of the S&P/TSX.
The quarter was worse than the headline number would imply, however, as currency gains offset the portfolio's losses by $0.40 per share.
While this was not a great quarter in absolute terms, I believe KVF's future outlook improved during the quarter. There was more value to be had in the market, which allowed KVF to deploy some of its cash position at what hopefully turns out to be favourable prices.
Due to a price run-up over the last few months, KVF no longer owns shares of Harvey Nash. In a rarity during a negative quarter, no portfolio companies were sold for poor business performance. Even though prices for many of KVF's companies were down this quarter, the business fundamentals are generally positive, and the hope is that this value will eventually be reflected in the prices.
KVF's income statement and balance sheet are included below (click to enlarge). Note that securities are marked to market value, and amounts are in thousands of $CAD: