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1、MaverickCapital300CrescentCourtMaverick18thFloorDallas,TX75201(214)880-4000Phone(214)880-4020FaxMaverickPerformanceFirstOneYearFiveYearsTenYearsSinceSinceQuarterEndedEndedEnded3/1/953/1/95NetPerformance20113/31/20113/31/20113/31/2011AnnualizedCumulativeMaverickFun
2、d3.6%9.7%7.9%7.0%14.0%727.3%MaverickLevered10.328.713.310.622.82,619.4MaverickNeutral(0.5)(3.0)3.93.19.3318.3MaverickNeutralLevered(0.9)(7.6)5.13.414.3762.6MaverickLong3.610.67.07.913.8705.1MaverickLongEnhanced3.610.28.08.716.11,007.7S&P500Index5.915.62.63.38.4264
3、.9MorganStanleyWorldIndex4.813.42.14.26.7181.9TheaboveresultsshouldonlybereadinconjunctionwiththeMaverickDisclosureStatementfoundattheendofthisletter.April23,2011DearInvestor:Maverickenjoyedasolidstarttotheyear,generatingpositiveperformanceineveryindustrysector,sa
4、veone,andeachregioninwhichweinvestinthepastquarter.Inthefirstquarterouremergingmarketinvestmentsweremoreprofitablethanthoseinanyotherregion.Themajorityofourgainsinthesemarketscamefromshortinvestments.Indeed,ourinterestinthesemarketsisdrivenbyboththerelativeineffic
5、iencyofthesesecuritiesaswellastheveryattractivelonger-termbackdropofmarketfollyemergingmarketeconomies.SteveGalbraith’sattachedpiece,GoEastYoungMan,discussestheseissuesandMaverick’sefforttomakethemostofsuchopportunities.Inotedinourlastletterthat2010wasmarkedbyanun
6、usualnumberoffundamental,analyticalmistakes,whichisquitefrustratingasdetailed,strategicanalysisofindividualstockshasarguablybeenMaverick’sgreateststrengthovertheyears.InthesameletterIpointedoutthat“wecontinuallystrivetoimproveourprocessesandabilities,”andinthepast
7、monthwehavealteredtheresponsibilitiesoftwoseniorPartnersinanattempttousetheirtalentsandabilitiesmoreeffectively.Macroeconomicconsiderationsareplayinganevergreaterroleintoday’smarkets,andwehaveaskedSteveGalbraithtodevotemoretimetoresearchingandanalyzingmacrofactors
8、andtheimpactsuchtrendscouldhaveonourportfolio.Furthermore,wehaveaskedAndrewWarford,whooverseesourtechnologyinvestments,toleadanefforttoimprovecollaborat
