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FCL LETTERS
FCL Letters
Cartas FCL
FCL Capital Letter 3Q 2025(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_8bc5874f3c784e68a034c8f3b18fdc50.pdf)
FCL Capital Letter 2Q 2025(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_249c11adb2a94da088a13785b2b4996b.pdf)
FCL Capital Letter 1Q 2025(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_de06654f2d91430ba3d81122b7d48f33.pdf)
FCL Capital Letter 4Q 2024(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_f911f52a662d49b1986dcc7108f20768.pdf)
FCL Capital Letter 3Q 2024(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_08202330aaa540a9b1930e675f9953ed.pdf)
FCL Capital Letter 2Q 2024 (https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_6399c9e65d0f43ae95ce371f7f4c4f6c.pdf)
FCL Capital Letter 1Q 2024 (https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_e245ac84e95c44c3b8c6a43551d0e749.pdf)
FCL Capital Letter 4Q 2023(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_cace4fe6b40a44948d5181408c6fc0c1.pdf)
FCL Capital Letter 3Q 2023(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_65483da817ff41cc9df53da21e1e2bb1.pdf)
FCL Capital Letter 2Q 2023(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_32adc0ff909c42f089182ec4a9cdd2fa.pdf)
FCL Capital Letter 1Q 2023 (https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_427ff795ca88492f8bde5f8c0ccaee44.pdf)
FCL Capital Letter 4Q 2022 (https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_1a6d0007977842878ed9d608467073bb.pdf)
FCL Capital Letter 3Q 2022 (https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_dd68c0832f84466594a10b3fe95feae0.pdf)
FCL Capital Letter 2Q 2022(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_c4d1157fefaf441db9a3eb089b429992.pdf)
FCL Capital Letter 1Q 2022(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/8d6b17_f6568ccea95c4f198efc757be2762a59.pdf)
FCL Capital Letter 4Q 2021(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_4fedb10cfa1d48cfaee3b8cc67a5da7f.pdf)
FCL Capital Letter 3Q 2021(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_1a6e28a251404cf7acc9a9a495295f50.pdf)
FCL Capital Letter 2Q 2021(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_f85fe96800b44c45bc1ad8a35086d3f3.pdf)
FCL Capital Letter 1Q 2021(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_ef06dafa74244bf4b8bfdf4d3018f35b.pdf)
FCL Capital Letter 4Q 2020(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_a78e179454ee4ed680f6cb847c9bccff.pdf)
FCL Capital Letter 3Q 2020(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_f79825c9b9d64789899b325e810dbf8b.pdf)
FCL Capital Letter 2Q 2020(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_79712619ec324e748608c4e64ee0e6ce.pdf)
FCL Capital Letter 1Q 2020 (https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_a17f8a2a34954d65a2f1f43df128c87c.pdf)
4Q 2019 FCL Capital Letter 4Q 2019.pdf (https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/8d6b17_53009774a50642d893a47ae0522af80f.pdf)
3Q 2019 FCL Capital Letter 3Q 2019.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_eb6eb09d32d9461892b18863e60f4fc7.pdf)
06 FCL Capital Monthly Letter june 2019.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_fcaa6e3d1b6642b2b0be97951746ffe2.pdf)
05 FCL Capital Monthly Letter may 2019.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_bfa33dab6bce45858b474ea8a0ae1fea.pdf)
04 FCL Capital Monthly Letter April 2019.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_8b92d729812642ec8f2cf7219fcc4eed.pdf)
03 FCL Capital Monthly Letter March 2019.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_e27c1052648a4096b519f1b77ddbe4e9.pdf)
02 FCL Capital Monthly Letter February 2019.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_50d9c9ea83c84b0ea60491c1fa123acc.pdf)
01 FCL Capital Monthly Letter January 2019.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_633ae94119814636a9bb19d70e9d84f6.pdf)
12 FCL Capital Monthly Letter December 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_e142e86dec864f8a8441c6ae45edcc45.pdf)
11 FCL Capital Monthly Letter November 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_4d19902fcd72494eb5662491b3cfab2d.pdf)
10 FCL Capital Monthly Letter October 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_62e71e5f735541a49fafdb22155a54c0.pdf)
09 FCL Capital Monthly Letter September 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_0d9acc05624b495facf9ad61056060d1.pdf)
08 FCL Capital Monthly Letter August 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_5ac49b3aa00b4fa986f1cf9c2ec5c90f.pdf)
07 FCL Capital Monthly Letter July 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_785133134fc64d4098819e31d9596c53.pdf)
06 FCL Capital Monthly Letter June 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_c0428b524e1b41f9843c980eb0249447.pdf)
05 FCL Capital Monthly Letter May 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_4383008b94e741cfad4d44b41e5cf87f.pdf)
04 FCL Capital Monthly Letter April 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_9685daa281864992b0f63930c9a3c4e1.pdf)
03 FCL Capital Monthly Letter March 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_190af02e2c9a4197ba203025f9e050e8.pdf)
02 FCL Capital Monthly Letter February 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_263e04ca5bd4497ab1f3412bcb2badde.pdf)
01 FCL Capital Monthly Letter January 2018.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_eac5eabc7f6c4dd4a11b0c562fba7a82.pdf)
12 FCL Capital Monthly Letter December 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_25e4645361d547e9a4dd861f8d734ff1.pdf)
11 FCL Capital Monthly Letter November 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_c2e204d579c546f38f46cce2391ad44f.pdf)
10 FCL Capital Monthly Letter October 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_56bac25deb194764a858892926bb8280.pdf)
09 FCL Capital Monthly Letter September 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_3c2aafed1fd440629c98af12c5aa7537.pdf)
08 FCL Capital Monthly Letter August 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_2a3979d76ae141119be295246d3c525a.pdf)
07 FCL Capital Monthly Letter July 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_00721d97a3d74f868c7d9ffa54c487c7.pdf)
06 FCL Capital Monthly Letter June 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_94b0e62b10c34a059f81b3319874e7bb.pdf)
05 FCL Capital Monthly Letter May 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_bb190acf75e64c9483bbface2529c2bb.pdf)
04 FCL Capital Monthly Letter April 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_09bf6136ff5747baad02543faf5af580.pdf)
03 FCL Capital Monthly Letter March 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_ecccff22f6044de880238d8c7eb3c7c6.pdf)
02 FCL Capital Monthly Letter February 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_d478f652337a4b17ab3c278c4519c13c.pdf)
01 FCL Capital Monthly Letter January 2017.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_1b5f0c22136b42a291557cbf189dc370.pdf)
12 FCL Capital Annual Report 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_91adde84afe9458baf6f0e98893c3ac0.pdf)
11 FCL Capital Monthly Letter November 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_20336a7419d947538dbe4afd3a24213f.pdf)
10 FCL Capital Monthly Letter October 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_55d4e2b4657b4ac584e5c7bbe550952a.pdf)
09 FCL Capital Monthly Letter September 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_44ef1535e8074f6b90ca86a0d853eab2.pdf)
08 FCL Capital Monthly Letter August 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_345bd0a349024c8bbb36148f38dffc47.pdf)
07 FCL Capital Monthly Letter July 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_4884361be1e84c1b87cdfc81ebed7fe3.pdf)
05 FCL Capital Monthly Letter May 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_f713c62d0c8b4ec49030ba1ec7886fc7.pdf)
04 FCL Capital Monthly Letter April 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_dd9ad1d02ffd4d3ba6ae86e6bf68c22d.pdf)
03 FCL Capital Monthly Letter March 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_dab92a219dd7415b8945362b1000b29f.pdf)
02 FCL Capital Monthly Letter February 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_cba01ec6aaa04b65bf0eee8febdf5a3a.pdf)
01 FCL Capital Monthly Letter January 2016.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_2a7f837791aa4125998ce2a537b0105e.pdf)
12 FCL Capital Annual Report 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_d830f033df1c471aac7b36e49f3c6bc4.pdf)
11 FCL Capital Monthly Letter November 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_f046222af1384fe2a056c0a89da02f0a.pdf)
10 FCL Capital Monthly Letter October 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_cb3dafa2ae374f51a4e22d8f745fc979.pdf)
09 FCL Capital Monthly Letter September 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_85050006d1174b559d01303352548de4.pdf)
08 FCL Capital Monthly Letter August 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_ea20fecd230440008fd4cb62d244b25a.pdf)
07 FCL Capital Monthly Letter July 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_7659101f4d584c11ba20c3fc0d2387c7.pdf)
06 FCL Capital Monthly Letter June 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_632b7c12f9d14ca683a50cb9415ecce5.pdf)
05 FCL Capital Monthly Letter May 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_12721acb7db745a288ef36020ac09811.pdf)
04 FCL Capital Monthly Letter April 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_75c90930c6fa4fe9a9b0c0819c48d52a.pdf)
03 FCL Capital Monthly Letter March 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_17c9b98540994237a030e9a02c4c7e26.pdf)
02 FCL Capital Monthly Letter February 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_3987e633c9834c399fd6d364da44e6c7.pdf)
01 FCL Capital Monthly Letter January 2015.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_cac96ece81374ae2b63def5a04621d0d.pdf)
12 FCL Capital Annual Report 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_1fe8596afb0c4be2893f589bb76991ee.pdf)
11 FCL Capital Monthly Letter November 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_344f112cda1746d78d69867c4cef3413.pdf)
10 FCL Capital Monthly Letter October 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_2d99d2c1161545da91a42abe3f14de18.pdf)
09 FCL Capital Monthly Letter September 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_f2886eecd6ad4d459729b8c89235843c.pdf)
08 FCL Capital Monthly Letter August 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_fa8fbf9a0f034bc7a86bb60fede89d86.pdf)
07 FCL Capital Monthly Letter July 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_47a3cb9d0e1d47ffb331bf650a2287bb.pdf)
06 FCL Capital Monthly Letter June 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_f1f3fb2ab4524619b347120e37837e29.pdf)
05 FCL Capital Monthly Letter May 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_ac1f64d96b7a435597c0a95f4946e373.pdf)
04 FCL Capital Monthly Letter April 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_70962dd35ba54c71985957513f8c31f4.pdf)
03 FCL Capital Monthly Letter March 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_da7a739f0e8c44fba481068a6bbeb50a.pdf)
02 FCL Capital Monthly Letter February 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_368d47120e6446f498ed4f9f9a15b8b1.pdf)
01 FCL Capital Monthly Letter January 2014.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_4eaed6092d4b4341b758c0c197036af0.pdf)
12 FCL Capital Annual Report 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_de9929d85e7d4827b6f24f1a8d7579d0.pdf)
11 FCL Capital Monthly Letter November 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_5068d5a0815742f9b289689dad3d5b63.pdf)
10 FCL Capital Monthly Letter October 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_b8d014ff4fd54b879cb1e821823411ce.pdf)
09 FCL Capital Monthly Letter September 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_6b0ab9c4868244a8858a603de96b18c0.pdf)
08 FCL Capital Monthly Letter August 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_0d2f522ad25c47fe8e68552f9d064d27.pdf)
07 FCL Capital Monthly Letter July 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_c7c030a80832400d97946bd2246349cb.pdf)
06 FCL Capital Monthly Letter June 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_0e4c83330c3f46279e1047fc815e3b7e.pdf)
05 FCL Capital Monthly Letter May 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_7987ba3fa1404850ac28f50b125b7962.pdf)
04 FCL Capital Monthly Letter April 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_2d8242407fb0435cb8485c094b945d5c.pdf)
03 FCL Capital Monthly Letter March 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_4e3acebfb3164bef8e782691762a2223.pdf)
02 FCL Capital Monthly Letter February 2013.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_859136e880c54977a332b89a132c8adb.pdf)
01 FCL Capital Monthly Letter January 2013.pdf(https://8d6b179e-dfa9-4146-86f7-763a65725bc5.usrfiles.com/ugd/84471c_11b806aba8f24750a4e1190663d9e517.pdf)
12 FCL Capital Annual Report 2012.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_fb5885e5ea5d4220a260a44fa0990e00.pdf)
11 FCL Capital Monthly Letter November 2012.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_4d77324d23c04ef88f554c188ae2e707.pdf)
10 FCL Capital Monthly Letter October 2012.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_8cf423b05ea14fd7a1914ccc4885edef.pdf)
09 FCL Capital Monthly Letter September 2012.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_ef82371b08ff42b0b73cdfb94512b671.pdf)
08 FCL Capital Monthly Letter August 2012.pdf(https://84471c97-e192-4d57-a61f-283398a4101f.usrfiles.com/ugd/84471c_ca11a9cdca5c4d08aca64ac9e858a5fd.pdf)
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