FRC - Ensemble Capitals' Quarterly Letter - Q1 2021

• Ensemble Capital Management, LLC is based in Burlingame, California, midway between Silicon Valley and San Francisco. The firm offers customized portfolio management and philanthropic solutions with unparalleled client service.
• Notable detractors to the Fund’s returns this quarter were Masimo, Intuitive Surgical, and Ferrari, respectively.
• Notable contributors to the Fund’s returns this quarter were Home Depot, Alphabet, and First Republic Bank.
• Not many current investors have experience investing during a period of high-single digit US GDP growth and discussions of a “Roaring ‘20s” redux have merit. Along with promising new technologies, there’s a lot to consider in terms of what might be around the corner.

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