THE MILLEGAN MEMO: JANUARY 2025
Brought to you by The Woodworth Contrarian Fund
(Gordon Gekko - “Wallstreet” 1987)
How stock pickers outperform the market, the Woodworth Contrarian Fund’s Q4 Newsletter, and the State of Greenland.
- Managing Partners Drew Millegan & Quinn Millegan
“Lots of times when you buy a cheap stock for one reason, that reason doesn’t pan out but another reason does because it’s cheap.”
STOCK PICKERS OUTPERFORM
(Gordon Gekko - “Wallstreet” 1987)
Fidelity’s active manager outperforms three of the last four years. According to Bloomberg, Fidelity’s Adam Benjamin posted a 49% total return for 2024, beating his next closest competitor by 4 percentage points and beating all major market averages by a considerable gap. This follows several prior years of consistent outperformance. According to Bloomberg research, nine out of the top 10 funds and 16 of the top 20 funds in 2024 were actively managed, even after accounting for costs.
Bucking the narrative that passive funds outperform. It is common to hear the assertion that actively managed funds do not outpace the fees they charge, whereas consistent actively managed outperformers seem to contradict this. The secret to Mr. Benjamin’s success? According to him, “the best advice I was ever given was, look at your funds that you manage every day as if you were buying that fund and those positions in the same way on that given day.” We couldn’t agree more.
WOODWORTH CONTRARIAN FUND Q4 2024 NEWSLETTER
The Woodworth Fund has released its latest quarterly newsletter. We will let this one speak for itself!
Click here to view the article in a larger format.
WHAT IS AN ISLAND WORTH?
(Greenland - Jameson 2021)
Donald Trump Jr takes an arctic vacation. Earlier this month, the president’s son went on a tour of Greenland. The ice-bound island, though nominally part of Denmark, has had its own independent parliament and self-rule separate from its European overlord since 2009 - similar to other “states within states” such as Scotland in the UK or Catalonia in Spain. President Trump has been vocal in recent months about his intent to purchase the island from Denmark and integrate Greenlanders into the United States. Greenland is potentially valuable to the US for a number of reasons, including its strategic position close to the arctic circle and the international shipping lanes that ply it, but it is Greenland’s potential for untapped mineral wealth that has many taking a close look at the deal.
Not an unprecedented land grab. With untapped reserves of everything from iron and oil to tungsten and uranium, estimates of Greenland’s mineral reserves regularly run from the tens to hundreds of billions of dollars. Analysts point out, however, that the island’s aging population of only about 56,000 and lacklustre infrastructure mean that these reserves may take at minimum decades to fully exploit, and potentially as many workers would need to be enticed to move there as live there in total today. There is a point to be made that the Greenland purchase would not pay off for taxpayers for many decades. Still, the American purchase is not without precedent, with the 1867 purchase of Alaska having faced similar hurdles, earning it the nickname “Seward’s Folly” for decades following it. Ultimately, if the US does choose to tender a purchase offer for the island, it will be up to the Danes and Greenlanders to weigh whether such an offer is worth it to them - everything’s got a price.
DEEP ROOTS. STUBBORN-GROWTH. OREGON-BASED.
Now is a great time to diversify your portfolio with an investment into an award-winning fund. Call us or visit our website to inquire on an investment today in the Woodworth Contrarian Fund as an accredited investor.
(800) 651-1996 - info@woodworth.fund - www.Woodworth.Fund
Best Value-Based Fund '22 | Best Contrarian Managers '22, ‘23, ‘24 | Best Opportunistic High Yield Hedge Fund ‘24
Contrarian Value-Based Hedge Fund of the Year for ‘22/23 & ‘23/’24
Drew Millegan (left) & Quinn Millegan (right) in front of the Charging Bull in New York City.
About the Managers: Brothers Drew Millegan and Quinn Millegan manage the Woodworth Contrarian Stock & Bond Fund, a hedge fund based in McMinnville, Oregon. They grew up in the finance world, and specialize in contrarian investment strategies in the US Public and Private markets.
Something missing from your portfolio may be a diversification into the Woodworth Contrarian Fund for accredited investors. Now is a great time to diversify your portfolio with an investment into a multi-award-winning fund. An exposure to a value-based contrarian strategy is a unique opportunity for your long term capital that you’re seeking aggressive returns for. With eight years of the Woodworth Fund under management, the Millegan Brothers are trained stock-pickers and experienced venture capital investors with a proven track record. Give us a call today to discuss a liquid investment with independent administration and independently audited monthly statements and a personal relationship.
