SUP - 1 Main Capital Partners Q4 2020 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.
• For the fourth quarter, 1 Main Capital Partners, L.P. returned 19.2% net of fees and expenses, bringing its year-to-date return to 58.1%. Since inception, the Fund has delivered an annualized net return of 21.2%, compared to 12.5% for the S&P 500 and 9.4% for the Russell 2000.
• The Joint, KKR & Co, Limbach Holdings, RCI Hospitality and Superior Industries were the largest drivers of performance in the quarter, accounting for approximately 16% of performance.
• I am hopeful that the global reopening will, at least for the mid-term, be the overwhelming factor helping to drive economic growth.

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