Investor Letters / Etc

Please note that any documents prepared prior to 2017-01-18 were not intended for public distribution, as Askeladden Capital Partners LP was relying on Rule 506(b) rather than 506(c) of Regulation D.  Therefore, while new investor-facing letters and pitchbooks will contain a new disclaimer,  and Askeladden’s 12/31/2016 letter has been revised to include this disclaimer, please note that any materials published prior to 1/18/2017 do not have this disclaimer, and you must read the full disclaimer at the bottom of this page.

Askeladden “Pitchbook”

If you can even call it a pitchbook…

2019-02-26 Askeladden Pitchbook

2017-01-09 Askeladden Pitchbook

Askeladden Investor Letters

FY 2021

2021-05-13: Q1 2021: The Past is Only the Future with the Lights On

FY 2020

2021-02-14: Q4 2020 Letter: Mr. Market

2020-11-17: Q3 2020 Letter: The Old Normal

2020-08-10: Q2 2020 Letter: Unkind

2020-04-12: Q1 2020 Letter: Coronavirus: The Cure Is Worse Than The Disease

2020-03-09: Askeladden Capital – Coronavirus Update


FY 2019

2020-02-17 Askeladden Capital – Q4 2019 Letter

2019-10-28 Askeladden Capital – Q3 2019 Letter

2019-06-30 Askeladden Capital – Q2 2019 Letter

2019-04-07 Askeladden Capital – Q1 2019 Letter


FY 2018

2019-01-27 Askeladden Capital – Q4 2018 Letter

2018-10-25 Askeladden Capital – Q3 2018 Letter

2018-07-02 Askeladden Capital – Q2 2018 Letter

2018-04-02 Askeladden Capital – Q1 2018 Letter


FY 2017

2018-01-10 Askeladden Capital – Q4 2017 Letter

2017-10-01 Askeladden Capital – Q3 2017 Letter

2017-07-01 Askeladden Capital – Q2 2017 Letter

2017-03-31 Askeladden Capital – Q1 2017 Letter


FY 2016

2016-12-31 Askeladden Capital – Q4 2016 Letter

2016-10-31 Askeladden Capital – October 2016 Update

2016-09-01 Askeladden Capital “Q3” Interim Letter

2016-07-01 – Q2 2016 Letter

Media Appearances

January 2019 – Franklin Covey (FC) Presentation at MOI Global Best Ideas conference

September 2018 – Focused Compounding podcast

September 2017 – Zurich Project podcast


Systems Thinking (January 2017)

Primary Research (August 2016)

Askeladden Idea Writeups

A number of writeups are available on our FAQ page.


Askeladden Capital – Decision Making – UTD FLA Presentation (March 2017)


MATERIALS DISCLAIMER: Data is estimated, unaudited, and provided for directional color only. Past performance is not a predictor of future results. We do not expect our future annualized returns to approximate our historical annualized returns due to factors including: worse luck, a larger asset base, elevated equity market valuations, fewer investment candidates that meet our qualitative and quantitative underwriting criteria, smaller position size limits than were in place during Askeladden’s first year, and other miscellaneous items. Please consult your monthly statements from Fund Associates LLC for actual returns. For “Since Inception” numbers, Index performance is rounded to the nearest whole percentage point; ACP performance is rounded to the next lowest full percentage point. For YTD numbers, both are rounded to the nearest whole percentage point. Decimal points have been excluded so as not to convey a level of precision that these estimates are not intended to convey. Net returns are calculated assuming a hypothetical investor paid the standard fee structure of a 1.5% annual management fee and 30% of the outperformance, if any, vs. the S&P 1000 Total Return index, which was chosen because it has historically outperformed the Russell 2000 and most accurately represents our typical investment universe of small and mid-capitalization U.S. equities (i.e., those with a market cap of $10 billion or less). Individual investors’ returns may differ from those presented here due to their date of entry into the fund or their specific fee structure (for example, accredited but non-qualified clients may not, by law, be charged a performance allocation, so they are typically charged a higher, flat management fee). Annualized/cumulative returns are calculated assuming an investor joined on the date of inception; YTD returns are calculated assuming an investor joined on January 1, 2017. Results are presented only for Askeladden Capital Partners LP and not for any of the separately managed accounts which Askeladden Capital Management LLC (the investment advisor to Askeladden Capital Partners LP) also oversees. While separately managed accouts are generally allocated very similarly to the fund, SMA clients’ performance may differ based on factors such as: timing of account opening, tax considerations, specific client instructions, and manager discretion; therefore, SMA clients should consult their Interactive Brokers statements for specific performance information for their account. This is not an offering of securities or solicitation thereof; any offering of securities would only be made to accredited investors via a Private Placement Memorandum under Rule 506(c) of Regulation D, and any prospective partners who did not have a pre-existing relationship with Askeladden as of 1/18/2017 would be required to verify their accredited status with relevant documentation. This requirement does not apply to separately managed accounts. As Askeladden Capital Partners decided to rely on 506(c) rather than 506(b) as of 1/18/2017, any documents prepared prior to that date were not intended for public distribution and should be read accordingly. Askeladden Capital Partners, and SMAs that mirror its strategy, should be considered high-risk investments suitable for only a small portion of an investor’s overall portfolio, as they involve the risk of loss, including total loss. Specific risk factors are enumerated in our Form ADV.