Why Invest in Boole Microcap?

(Zen Buddha Silence by Marilyn Barbone)

(Image:  Zen Buddha Silence by Marilyn Barbone.)

Here is our performance since inception (June 9, 2020):

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2022 net return [1] 52.6% -21.6% -18.7%
2021 net return 42.0% 18.3% 28.8%
2020 net return from inception [2] 21.1% 31.7% 16.3%
Compounded annual return (net) 37.9% 6.9% 6.8%
Overall gain (net) 162.5% 22.1% 21.8%

[1] 2022 net return is through May 19, 2022.

[2] 2020 net return is from inception June 9, 2020.

 

Why Invest in Boole Microcap?

The Boole Microcap Fund isolates quantitatively attractive microcap stocks based on cheapness, improving fundamentals, and similar criteria.  This combination, in a focused portfolio, should beat the market over time.

The mission of the Boole Fund is to outperform the S&P 500 Index by at least 8% per year (net of fees) over rolling 5-year periods.  We also aim to outpace the Russell Microcap Index by at least 2% per year (net) over rolling 5-year periods.

Investment Strategy

  • We use a quantitative deep value investment strategy focused on microcap stocks—companies with market caps under $500 million.
  • Historical outperformance of micro caps:  http://boolefund.com/best-performers-microcap-stocks/
  • Each stock is ranked on five measures of cheapness—low EV/EBITDA, low P/E, low P/B, low P/CF, and low P/S.
  • Next, each stock is ranked on improving fundamentals, and also on high shareholder yield, high insider ownership, insider buying, high ROE, low debt, and relative strength.
  • Then we examine the financial statements of each company and make adjustments based on any non-recurring items or hidden liabilities.  We re-rank the stocks on every measure using the updated data.
  • Finally, each stock receives a combined score based on the rankings.
  • There are roughly 10-20 positions in the portfolio.  The size of each position is determined by its rank.  Typically the largest position is 15-20% (at cost), while the average position is 8-10% (at cost).
  • Positions are held for 3 to 5 years unless a stock approaches intrinsic value sooner or an error has been discovered.

Jason Bond, Managing Partner

  • Launched the Boole Microcap Fund in June, 2020.
  • Founded the Boole Fund in January, 2014.
  • Taught Managerial Economics and Investments as a adjunct professor at Seattle University, 2013-2015 (4 courses).
  • Started JFB Capital, a registered investment advisor, in February, 2009.
  • Worked at Bond Financial in Seattle after conducting independent equity research for two years.  Before that, Mr. Bond was employed at Tortoise Investment Management in White Plains, New York, in 2005.
  • Mr. Bond spent one year as an analyst at a boutique strategy consulting firm in Seattle.  Prior to that, he played professional basketball in Belgium for two years.
  • Mr. Bond earned a master’s degree in Economics from the University of Pennsylvania, and graduated magna cum laude from Gonzaga University with an Honors B.A. in Philosophy.