ENZ - 1 Main Capital Partners Q1 2024 Fund Letter

2024-05-02 09:00:00 ET

Summary

• For the first quarter, 1 Main Capital returned (5.1)% net, compared to 10.6% for the S&P 500 and 5.2% for the Russell 2000.
• At quarter-end, the Fund’s top five positions accounted for slightly more than 70% of capital.
• While I don’t have a strong view as to whether the next 50bp move in CPI will be higher or lower, I do continue to believe that the Fed will act as necessary to prevent inflation from getting back to the highly problematic levels we saw during the period of elevated demand and tight supply chains coming out of COVID.

Dear Partners,

For the first quarter, 1 Main Capital Partners, L.P. (the "Fund") returned (5.1)% net, compared to 10.6% for the S&P 500 (SPX) and 5.2% for the Russell 2000 (RTY) ¹ . Since its February 2018 inception, the Fund has delivered an annualized net return of 21.2%, compared to 12.5% and 6.3% for the SPX and RTY, respectively. Accordingly, a $1 million investment at inception would be worth $3.3 million today, after all fees and expenses. The same amount invested in the SPX or RTY (with dividends reinvested) would be worth $2.1 million and $1.5 million, respectively....

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