TUFN - Admiral Capital Partners Q4 2020 Investor Letter

• Admiral takes a long-term approach to investments and relationships. The firm is built around disciplined investing, capital preservation and forming partnerships focused on transparency, trust and alignment of interest.
• Our Partnership returned 27.8% net in the quarter ended December 31st. Our full-year return of 74.3% after incentive fees was 56% ahead of the S&P 500. On average, we held 21% of our assets in cash in 2020.
• We continue to have ~65% of our portfolio invested in the tech sector, but we remain price sensitive and always measure ideas against the returns we can achieve elsewhere.

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