January 2009 Performance for Punch Micro Cap Partners, LLC.
Manager Commentary The month of January was a disappointing one for the micro cap market with the Russell Micro Cap Index down 10.4%, in-line with the decline in the broader small cap market. Over the past twelve months, the Russell Micro-cap index has fallen 42.2%, and valuations have likewise compressed.
Returns from commercial property fell to record lows last quarter. Total returns across all property classes in the last quarter of 2008 were minus 12.8 per cent, according to property consultancy Jones Lang LaSalle, which dragged returns for the full year down to minus 21.2 per cent.