TRIP - First Quarter 2021 Letter

• GreenWood Investors is a mostly-long, deep value investment firm focused on areas of extreme pessimism, structural inefficiencies and low competition.
• Our Global Micro Fund delivered returns of 23.3%, while the euro-denominated Luxembourg fund returned 24.6%. Our Global Micro separate accounts returned 18.5% while our long-only Traditional accounts returned 15.6%, highlighting the value generated from our short book. The coinvestment fund returned 36.6%.
• We have re-allocated capital from behavioral graduates to those which we believe have a higher likelihood of more material improvements in the year ahead.
• There has rarely been a better time in my career to allocate capital to Mediterranean countries, and we have continued to lean into re-opening investments in these countries, almost exclusively in companies we have known for a while and have built long relationships with.
• We briefly discuss the profound transformations we see happening at our largest positions, and preview some research that we’ll be making available in the coming weeks and months to both investors and friends.

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