HHC - Rhizome Partners Q3 2020 Investor Letter

• Rhizome Partners LP (the “Fund”), a Delaware limited partnership, aims to achieve long-term capital appreciation while limiting the risk of loss.
• During the third quarter of 2020, Rhizome Partners generated a net return of 2.9%, bringing the year?to date net return to 4.6%. The S&P 500 index returned 8.9% during the quarter and 5.6% year?to?date.
• With roughly half of our portfolio allocated to real estate companies, our year?to?date returns outperformed the FTSE NAREIT index by almost 17%.
• During a quarter when the annualized GDP fell over 30%, our operating companies reported EBITDA that experienced less than 20% decline year?over?year.
• We did more planting during the quarter by allocating towards mostly smaller market cap companies with hidden growth prospects.

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