Attached please find Corsair Capital's Q1 letter. For the quarter they were up 7.4% versus 12.6% for the S&P. Annualized since inception their return is 14.6% verus 9.3% for teh S&P 500. They walk through a brief update on their opinions on the market as well as some position updates. As per normal they include an appendix that has a write up of a current position - SunCoke Energy - SXC. They basically argue that its worth $25 versus current trading of $14.
Enjoy.
Corsair Capital - 2012.04.24
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