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Rocklinc Investment Partners, an investment management partnership, released its third quarter 2024 investor letter. A copy of the letter can be downloaded here. During the quarter, the fund’s basket of Canadian companies (after all expenses) increased by 12%, outperforming the index by 1.6%. The portfolio of U.S.-based companies (after all expenses) increased by 2.0% in the quarter, underperforming the S&P 500 index by approximately 2.9%. In addition, ROCKLINC separately managed accounts increased by 4.5% during the third quarter, 11.2% year-to-date and 16.5% during the last 12 months. The Rocklinc Partners Fund has been compounding at approximately 7.2% per year, after all expenses and fees, since inception (seven years) and 7.6% over the past five years. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Rocklinc Investment Partners highlighted stocks like Burford Capital Limited (NYSE:BUR), in the third quarter 2024 investor letter. Burford Capital Limited (NYSE:BUR) offers legal finance products and services. The one-month return of Burford Capital Limited (NYSE:BUR) was 0.82%, and its shares gained 0.67% of their value over the last 52 weeks. On December 13, 2024, Burford Capital Limited (NYSE:BUR) stock closed at $13.50 per share with a market capitalization of $2.962 billion.
Rocklinc Investment Partners stated the following regarding Burford Capital Limited (NYSE:BUR) in its Q3 2024 investor letter:
"Burford Capital Limited (NYSE:BUR): Third-party litigation funding traces its origins to the English common law doctrines of Maintenance and Champerty, which aimed to prevent outside interference in medieval legal proceedings by corrupt nobles and royal officials. Maintenance refers to the practice of financially supporting another party’s lawsuit, while Champerty occurs when the party providing that support receives a share of the proceeds from the outcome. The purpose of these doctrines was to protect a vulnerable court system from being exploited for purposes other than achieving justice. Australia became the first country to abolish Champerty laws when New South Wales passed the Maintenance, Champerty and Barratry Abolition Act in 1993. This change allowed external parties to fund class action lawsuits, which were notoriously expensive. Investors quickly recognized the opportunity and began funding a wide range of cases. Today, nearly all major class actions in Australia are funded by private litigation finance companies.1 As more countries eliminated these doctrines, litigation funding rapidly spread to the United Kingdom and North America, growing into a massive industry. Today, nearly 40 funders manage over $15 billion in capital, proving to be a valid instrument for ensuring access to justice.