RDBBY - Bonsai Partners Q2 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 June 30th, 2021, the Bonsai Partners portfolio declined -4.5% gross, and -4.8% net of fees and expenses. The S&P 500 Total Return Index increased 8.5% over this same period.
• At the end of the quarter, gross exposure was 88%, with 12% held in cash.
• During this second quarter, as promised, I reinvested this cash balance into new positions in Greentown Management and Alibaba Group.

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