MGNI - Choice Equities Fund Investor Letter Q4 2020

• 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 right way to pursue our primary goal of compounding capital safely over the long term.
• Choice Equities Fund generated gains of +23.1% on a net basis in the fourth quarter, finishing the year with gains of +76.3%. This compares to the Russell 2000’s +31.4% gain in its best ever quarter and +20.0% annual return.
• We also had a number of multi-baggers from our value picks like HOME, Bluelinx Holdings, TravelCenters of America, and Citi Trends.
• Pitney Bowes embodies several characteristics that seem to show up in many of our investments. Overlooked. Unloved. Misunderstood. Sometimes all three.

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