MU - Bonsai Partners Q1 2021 Investor Letter

• Bonsai Partners is a concentrated portfolio of investments made through separately managed accounts. Bonsai’s investigative research process lends to a very concentrated portfolio of high conviction ideas. Andrew Rosenblum is the Managing Partner of Bonsai Partners, LLC.
• For the three months ended December 31st, 2020, the Bonsai Partners portfolio appreciated 36.0% gross, and 32.3% net of fees and expenses. The S&P 500 Total Return Index returned 12.1% over this same period.
• At the end of the quarter, gross exposure was 70.1%, with 29.9% held in cash.
• The half-year period’s performance was impressive, generating nearly $50m (AUD) of EBITDA, implying a low-teens EBITDA margin.

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