LMB - 1 Main Capital Partners Q2 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 second quarter, 1 Main Capital Partners returned 18.6% net of fees and expenses, bringing the year-to-date return to 40.2%.
• As of June 30th, the Fund’s top 5 positions were Alphabet Inc, KKR & Co, Mastech Digital, Naked Wines and RCI Hospitality.
• During the quarter, the fund re-initiated an investment in MHH after its stock price was cut in half from its 2020 highs, driven by (i) a COVID-related slowdown and (ii) its removal from the Russell 2000 Index, causing significant uneconomic selling.

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