Memos

Q1 2024 Memo

2024 Q1 INVESTOR UPDATE While Q1 performance was exceptional across Seabird’s strategies (please see our attached composite performance tear sheet), there were no remarkable events in the quarter nor news to report. To the contrary, news painted in the press as critical to an investor’s decision-making process is mostly irrelevant

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Q4 2023 Memo

  2023 ANNUAL INVESTOR UPDATE  Seabird investors enjoyed exceptional returns across all three of our strategies in 2023:  Muni+: 8.85% Income+: 14.82% Equity+: 29.78%  Our long-time clients are aware that our focus is neither on the narrow window of the trailing year, nor the 12 months which lie ahead of us.  Our core

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Q3 2023 Memo

7 YEARS AT SEABIRD SEABIRD MUNI+: +49.3%S&P Muni Bond Index: +0.99% SEABIRD INCOME+: +62.3%Bloomberg Agg Bond: -0.09% When Seabird opened its doors 7 years ago, we didn’t set out to outperform our peers. In fact, we’ve never given a single thought to our peers when making an investment decision. Then

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Q2 2023 Memo

FIXED INCOME If you’re looking for cheap entertainment this summer, look no further than the fixed income markets as they spasmodically react to each and every emanation from the Federal Reserve and the Bureau of Labor Statistics. To us it’s a level of mindlessness that can only be achieved by

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