PSHZF - 1 Main Capital Partners Q1 2021 Letter

• 1 Main Capital makes concentrated investments in high-quality reasonably valued businesses with long reinvestment runways and in special situations that are experiencing a temporary dislocation or undergoing an element of change that will cause investors to revalue an investment in the near term.
• In the first quarter, 1 Main Capital Partners, L.P. returned 18.3% net of fees and expenses. During the period, the S&P 500 and Russell 2000 Indexes returned 6.2% and 12.7%, respectively.
• Q1 was a busy period for the partnership. We initiated several new positions, including our first private investment. We also upgraded our prime broker. Lastly, we have welcomed 10 new limited partners into the Fund year-to date.
• RCI Hospitality was the largest winner in the quarter, contributing more than 6% to performance.

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