CTVA - Rhizome Partners Q1 2021 Investor Letter

• Rhizome Partners LP, a Delaware limited partnership, aims to achieve long-term capital appreciation while limiting the risk of loss.
• During the first quarter of 2021, Rhizome Partners generated a net return of 11.5% versus 6.2% for the S&P 500 index. The FTSE NAREIT All Equity REIT Total Return Index returned 8.3% during the quarter.
• The DuPont/Corteva/IFF basket was the largest contributor to Q1 performance generating roughly 2.5% gross return.
• Howard Hughes Corporation, SPV Idea, and Real Estate #2 contributed 1.7%, 1.4%, and 1.4% gross returns respectively to the fund during the quarter.

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