GNSS - Bonsai Partners Q4 2020 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 97.8%, with 2.2% held in cash.
• The fourth quarter of 2020 was relatively quiet from a portfolio management perspective. We added to our Travelsky position from cash as well as the sale of our small position in Genasys.
• For the full year 2020, the Bonsai Partners portfolio appreciated 275.3% gross, and 247.0% net of fees and expenses, compared to 18.4% for the S&P 500 Total Return Index.

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