TPB - Kinsman Oak Q2 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 +2.7% for the second quarter of 2021, net of all fees and expenses vs. S&P 500 return of 8.6%.
• The Fund’s gainers (Alphabet, Facebook, Colliers) were offset by its detractors (Gentex, Turning Point Brands, BWX Technologies) and combined for a slightly positive gain this quarter.
• The Fund held sixteen long positions and no short positions as of the end of the second quarter. Net exposure averaged ~75% over the past three months.

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