BWXT - Kinsman Oak Q1 2021 Letter To Partners

• Kinsman Oak Capital Partners Inc. is an independent Toronto-based boutique investment firm that strives to generate superior long-term results over multiple market cycles, net of fees.
• The performance of the Kinsman Oak Equity Fund was +3.7% for the first quarter of 2021, net of all fees and expenses.
• None of the Fund’s positions have been significant detractors to performance and the cash position averaged ~30% over the past few months.
• The Fund held seventeen long positions and no short positions as of the end of the first quarter. Net exposure averaged ~70% over the past three months.

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