VZ - Canterbury Tollgate Investor Letter: May 2021

• Canterbury Tollgate is a value and quality-oriented investment manager with a distinctive focus on equity evaluation & selection plus risk mitigation.
• CTG Fluxion, LP advanced +9.04% during the first four months of the year while the 70/30 bench-mark2 increased +5.66%, the S&P 500 by +11.85%, and the MSCI All-World Index by +9.34 %.
• The largest portfolio contributors were Loral Space & Communications, Facebook, Dropbox, Vera Bradley, Texas Pacific Land Trust, Icahn Enterprises, CVS Health, and Biglari Holdings.
• CyberArk was our only meaningful equity detractor at with a -0.6% impact.

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