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Islamorada Investment Management
Tarpon Folio
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In This Issue

bullet Cale's Notes: An Update, Plus Q&A
bullet About the Tarpon Folio: More on my Spoke Fund®

Q1 ’19 Update
Published 4/21/2019

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Cale's Notes
Dear Tarpon Investors,

This quarter's letter is a bit long, so I saved it as a PDF. To download it, please click here.

In it, you'll find my latest thoughts on oil, my plan for 2019, and some recent Q&A.

A quick note on three other things, too:

1. Save The Date: the Annual IIM Investor meeting will be held on Saturday, June 1st at 1:00pm here in Islamorada. More details soon.

2. IIM launched private, investor-only message boards last October.

If you’re an investor in Tarpon, but have not checked out the boards yet, I would encourage you to do so. I’ve been on there six days a week ever since, and recently passed 850 posts.

Please let me know if you need access to the boards again.

3. Finally, it's the time of year we're required to provide you with our updated disclosure brochure. You can find that here. There are no material changes.

All for now.

Again, here is the link to my latest letter on Tarpon. Much more to read in there...

Thanks and hope to see you in June!

- Cale

About Tarpon

The Tarpon Folio is an innovative, investor-friendly alternative to the traditional actively managed mutual fund. It's built on a model we call a Spoke Fund®.

Spoke Fund® is a group of separate investor accounts linked to a portfolio containing a significant portion of the net worth of the portfolio manager. Cale Smith at IIM is the creator and owner of this trademarked and proprietary approach to better transparency and integrity in investing other people’s money.

Fees for Tarpon are 1.25% of assets annually, assessed on a monthly basis. Turnover, taxes and trading are minimized in the fund, which uses a long-term value investing strategy.

For more information, visit our website.

Here is our privacy policy, our Form ADV and our Fiduciary Oath.


Historical performance data above represents performance results as reported by the portfolio identified. Performance results are for illustration purposes only. Historical results are not indicative of future performance. Positive returns are not guaranteed.

Individual results will vary depending on market conditions and timing of initial investment. Investing may cause capital loss. The S&P 500, used for comparison purposes, is significantly less volatile than the holdings of the funds listed. The performance data is net of all fees reflecting the deduction of advisory fees, brokerage commissions and any other client-paid expenses. The performance data includes the reinvestment of capital gains and dividends.

The publication of this performance data is in no way a solicitation or offer to sell securities or investment advisory services.

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