SPOT - JDP Capital Management 2021 Half Year Letter

• Founded in 2011, JDP Capital Management is an investment manager that invests in publicly traded businesses that are often out-of-favor, distressed, or undergoing a significant growth transition.
• In the first six months of 2021 the fund was up 7.26% (gross) versus 15.25% for the S&P 500.
• The primary drag on our performance was Spotify which is our highest conviction position.
• Early in the year we made the decision to remain concentrated in our highest conviction ideas, several of which were up 100%+ last year, even if it meant temporarily underwhelming performance in 2021.

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