PSYTF - Palm Valley Capital Fund Q3 2020 Commentary

• The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not. We have practiced the same strategy throughout our careers in investment management.
• For the third quarter ending September 30, 2020, the Palm Valley Capital Fund gained 0.89%. This compared to a 3.17% increase for the S&P Small Cap 600 Index and 4.90% appreciation for the Morningstar Small Cap Total Return Index.
• The three positions contributing most to the Fund’s return in the third quarter were Sprott Physical Silver Trust (ticker: PSLV), Sykes Enterprises (ticker: SYKE), and Natural Gas Services (ticker: NGS).
• We purchased small positions in three new companies during the quarter: Pason Systems (ticker: PSI CN), NOW (ticker: DNOW), and Capitol Federal Financial (ticker: CFFN).

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