SIC - Choice Equities Fund Investor Letter Q2 2021

• Choice Equities is a boutique hedge fund manager, investing in public equities with the mindset of an opportunistic businessperson. We invest this way because we believe it is the right way to pursue our primary goal of compounding capital safely over the long term.
• The fund generated gains of +6.2% on a net basis in the second quarter, for year-to-date gains of +37.1%. This compares to the Russell 2000’s +4.3% gain for the quarter and its +17.5% return for the year thus far.
• The second quarter was a solid for one for our portfolio. As previously mentioned, the buyout of At Home was a contributor to the positive performance in the quarter.
• We have one new core position to discuss that I believe has an attractive risk / reward proposition and tremendous potential over the coming years. Identiv products, software and systems are designed to connect physical places and objects to the digital ecosystem.

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