FFIC - Gator Capital Management Q3 2020 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 3rd quarter of 2020, the Fund outperformed both the Financials sector benchmark and the overall market. PennyMac Financial Services, OneMain Financial, Ally Financial, and SLM Holdings were top contributors to performance.
• Stock market investors are not giving Financial companies the benefit of the doubt about the potential credit risks in their portfolios. We think stocks of banks and other lenders will rise as they show their loan portfolios have fewer problem loans than the market expects.

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