Value investment Fund, 2024

In our fifth year, ending September 1, 2023, the fund experienced a 0.2% loss, bringing our cumulative return to -6.26% since inception.

These have been challenging years, but I remain committed to most of our initial investments. In fact, I welcome lower prices, as they allow me to acquire more shares at better value. However, adopting this approach requires discipline and confidence in our research. This journey isn’t without difficulties—if it were easy, anyone could do it.

Every day, I think about my investors and deeply appreciate the trust they’ve placed in me. I want to remind you that my own money is invested in the same portfolio, and just like you, I’m on the same path—we’re all in this together. I especially value the support I’ve received, considering that in the early years we were close to a 400% gain. I’m convinced those days will return, and when they do, it will be swift and significant.

If our portfolio doesn’t reach new highs, I don’t believe it would be right for me to profit, and I’m committed to continuing to work for free, as I have over the past few years, until we achieve the results, we all deserve.

Sincerely,

Ney Torres
Portfolio Manager
Value Investing Fund, Inc.

You can find this and former year reports in neytorres.com