MJWNY - 1 Main Capital Partners Q3 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 third quarter, 1 Main Capital Partners, L.P. returned 9.7% net of fees and expenses, bringing the year-to-date return to 53.9%. Through the first nine months of the year, the S&P 500 and Russell 2000 Indexes returned 15.9% and 12.4%, respectively.
• As of September 30th, the Fund’s top 5 positions were unchanged from Q2, comprising of Alphabet Inc, KKR & Co, Mastech Digital, Naked Wines and RCI Hospitality.
• The S&P 500 sells for 20x 2022E earnings. The Russell 2000 sells for 24x 2022E earnings and less than 16xwhen excluding companies that are loss making.

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