PCOA - Cedar Creek Partners Q1 2021 Results

• Cedar Creek Partners is a hedge fund. The fund applies the typical bottom-up concentrated value approach of looking for a discount to intrinsic value to the neglected ares of the market, micro and nano caps.
• The S&P 500 rose 6.3%, and the NASDAQ was the weak performer, posting a 2.8% return. The fund returned 19.7%, net of fees and expenses.
• We exited our position in Charles Schwab after it climbed nearly 40% in the quarter.
• On the whole, the fund’s holdings are trading at 12 times our estimate of earnings for the coming year, and just 8 times earnings net of cash at the respective businesses. Weighted price to book is 1.3. Dividend yield is 2.0%.

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