KOF - Broyhill Asset Management - H1 2021 Letter

• Broyhill Asset Management is a boutique investment firm, established as a family office and guided by a value orientation.
• For the six months ending June 30, 2021, Broyhill generated high single-digit returns that varied depending on individual account asset allocations, legacy positions, and capital flows.
• The largest contributors to performance during the first half were existing investments in tobacco and healthcare and new investments in Latin America.
• The largest detractors to performance during the first half were existing investments in EquityCommonwealth and Dollar Tree Stores and a new investment in Madison Square Garden.
• Within emerging markets, Latin America remains a key region for the Coca-Cola System, making upnearly 30% of global volume. We are likely entering a more challenging period for financial markets. Investors should prepareto embrace volatility.

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