TJX - Qualivian Investment Partners Q2 2021 Investment Letter

• Qualivian Investment Partners is an investment partnership focused on long-only public equities. We own a concentrated portfolio of 15–25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation.
• In Q2 2021, we outperformed the S&P 500 by 3.9% and 3.8% on a gross and net basis, respectively.
• The only change we made to the portfolio this quarter was that we trimmed Apple to fund a new position in Evolution Gaming.
• Our top three contributors in Q2 2021 were Alphabet, PayPal, and Moody’s. Our bottom three contributors were Evolution Gaming, TJX Companies, and Mastercard, with Evolution Gaming being the only stock that underperformed the S&P 500 in that period.

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