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1、THEBAUPOSTGROUP,INC.44BRATTLESTREETP.O.BOX389125CAMBRIDGE,MASSACHUSETTS02238-9125(617)497-6680FAX:(617)876-0930December8,1995DearBaupostFundShareholder,Wearepleasedtoreportagainof7.91%fortheyearendedOctober31,1995.Thisresult,whileaheadofourself-imposedbogeyo
2、fexceedingthereturnonU.S.treasurybills,fallsconsiderablyshortoftheperformanceofvariousU.S.stockmarketindices.Theprimaryreasonforourunderper-formance,ofcourse,isthattheFundhasrelativelylittleexposuretotheU.S.stockmarket.TheBaupostFundismanagedwiththeintention
3、ofearninggoodabsolutereturnsregardlessofhowanyparticularfinancialmarketperforms.Thisphilosophyisimplementedwithabottom-upvalueinvestmentstrategywherebyweholdonlythosesecuritiesthataresignificantlyundervalued,andholdcashwhenwecannotfindbetteralternatives.Furt
4、her,wepreferinvestments,whenwecanfindthematattractiveprices,thatinvolveacatalystfortherealizationofunderlyingvalue.Thisservestoreducethevolatilityofourresultsandde-emphasizesmarketmovementsasthesourceofourin-vestmentreturns.Positionswithcatalyststendtolagara
5、pidlyrisingstockmarket(likethispastyear's)andoutperformalacklusterordecliningone(likeweusedtohaveeveryfewyears!).Duringfiscal1995,theFundprofitedinmostareasoftheportfolio.Ourlargestgainsandlossesforthefiscalyear,bothrealizedandunrealized,arepresentedinTable1
6、onthenextpage.ThisfiscalyearwassomewhatunusualfortheFund.Whilewearegratifiedwiththenumberofim-portantgains,onlythreepositionsprovidedprofitabilityinexcessofonemilliondollarsduringtheyear.MaxwellCommunicationswasalargepositionintheseniordebtofaU.K.insolvency.
7、Theval-uerosesignificantlyafterthecompanyannouncedthefirstofthreesubstantialdistributionstocreditors.EmcorandMBObothinvolvesecuritiesofpost-bankruptcycompaniesthatinitiallyre-ceivedlittleattentioninthemarket.Weexperiencedfoursignificantlosingpositionsthisyea
8、r.Thelargestwasapositioninvariousequi-tyanddebtmarkethedgesthatmostlyexpiredworthless.Ourpolicyistocontinuetoprotectour-selvesfromseriousmarketdeclinesthroughthepurchaseofout-of-the-moneyputopti
