RLGY - Gator Capital Management Q2 2021 Investor Letter

• At Gator Capital Management, we are dedicated to the management of concentrated investment portfolios consisting of companies with proven profitability and dominant franchises.
• For the second quarter of 2021, the Fund lagged both the overall market and the Financials sector benchmark. Navient, Realogy, and Victory Capital were top contributors to performance. The largest detractors were our hedges, Fannie Mae preferreds, PennyMac Financial Services.
• Currently, we believe the best opportunity in bank stocks is among small banks because they trade at lower valuations.
• The Fund’s gross exposure is 196.6%, and its net exposure is 57.7%. Preferred stock positions account for an additional 17.2%of the portfolio.

For further details see: