SCHW - Ensemble Capitals' Quarterly Letter - Q3 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 from our performance came from our investments in Illumina, Mastercard, and Nintendo.
• On the more positive side, we saw notable performance contribution from Chipotle, Google, and Netflix.
• Companies like Old Dominion and Landstar, which we profile later in this letter, play a critical role in coordinating thousands of truckers and shippers to move goods efficiently around the country while creating well-paying, reliable jobs for a typically tough industry and lifestyle.

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