From 2013-2018, Cable Car reported performance across a composite of separately managed accounts, as described below. Over nearly 5 years, the Cable Car Composite returned 20.2% on an annualized basis, net of fees. A hypothetical $100,000 invested with Cable Car at inception would have been worth approximately $246,260 at the end of the period. A comparable investment tracking the MSCI All Country World Index would have been worth approximately $146,705 before fees. Please be sure to note the limitations of performance reporting described below.

Performance information for The Funicular Fund, LP and letters subsequent to its inception in October 2018 are available to accredited investors upon request. Cable Car publishes a periodic newsletter to clients, service providers, and other interested parties. Please use the form below to join the mailing list for future letters.

Quarterly letters prior to fund inception



















+4.2 (0.3) +3.8 +3.9


(3.2) +4.1 +1.9  +1.6 +3.3 (0.5) (1.6) (0.5) (6.2) +4.7 (1.6) +5.8 +7.2 +4.2


(3.8) (0.9) +17.5 +4.6 +24.9 (6.1) (2.9) +4.5 (1.7) +3.5 +1.9 (4.2) +38.4 (2.4)


(5.5) +5.1 +0.9 +1.6 +5.1 (1.7) +1.2 (0.7) +8.5 (1.3) +1.6 (0.1) +14.8 +7.9


(0.7) (1.9) +4.4 (1.1) (5.8) (2.2) +1.8 +6.5 (0.8) +3.1 +16.4 (5.3) +13.2 +24.0


(2.0) +1.4 +2.6  +8.9 +3.7 (1.3) +2.4 +6.6  (0.8) +23.0 +3.8
Annualized since inception (November 8, 2013) +20.2 +8.2

Cable Car Capital LLC (“Cable Car” or the “firm”) is a limited liability company with principal place of business in San Francisco, CA. The Cable Car Composite reflects the performance of the firm’s concentrated, hedged value investing strategy. The composite contains all fully discretionary accounts managed by the firm, and it is the firm’s only composite. Cable Car claims compliance with the Global Investment Performance Standards (GIPS). To obtain a compliant performance presentation and composite description, contact the firm at or (415)857-1965. Stonegate International Administration LLC has provided a verification and performance examination letter covering the period since inception through December 29, 2017. Verification occasionally corrects minor rounding and computational errors, so that the results presented above may differ slightly from the presentation in quarterly letters. To date, no error correction has resulted in a difference of more than 0.3%.

ACWI is a trademark of MSCI, Inc. “The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.” ACWI total returns are presented including dividends net of withholding taxes. Composite returns are presented net of all expenses and fees, including accrued but unpaid performance fees. Returns are expressed in USD.

Cable Car implements its strategy in part through short sales and makes limited use of derivatives and leverage. Gross exposure is limited to 200% and portfolios maintain a net long bias. Additional disclosures regarding the risks associated with the firm’s investment approach are contained in the firm’s brochure on Form ADV. The firm’s list of composite descriptions and additional information regarding valuation policies, performance calculation, and performance presentation is available upon request.

The performance of individual client accounts can vary significantly from the performance of the composite. The timing of cash flows, the size and type of account, the account’s base currency, the fee arrangement, and the availability of investment opportunities for each account may lead to significant divergence from composite returns. In 2014, net returns of accounts funded for the full year ranged from 6-10%. The range was 22-55% in 2015, 11-29% in 2016, and 5-21% in 2017. For the three-year period from 2015-2017, the annualized monthly standard deviation of the composite was 22.9% versus 10.5% for the ACWI.

While the composite is benchmarked against the ACWI in order to compare performance to broad market equity returns, client portfolios are not managed to any particular benchmark, and performance is likely to vary from the performance of any given index. Performance calculations do not consider the impact of taxes, which may be significant.


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