RCL - Rhizome Partners Q4 2020 Investor Letter

• Rhizome Partners LP, a Delaware limited partnership, aims to achieve long-term capital appreciation while limiting the risk of loss.
• During the fourth quarter of 2020, Rhizome Partners generated a net return of 18.2%, bringing the year-to-date net return to 23.7%. The S&P 500 index returned 12.2% during the quarter and 18.4% year-to-date.
• We have high conviction in a real estate holding company and allocated about 15% of the fund to this idea. We also created a Special Purpose Vehicle to allow our partners to further concentrate in the idea. As of this writing, we have raised and deployed an additional $6.25mm in the SPV.
• We believe all three benchmarks will be relevant in the next 10, 20, 30 years. The S&P 500 will become more relevant as we increasingly invest in larger market cap companies. We do anticipate that we will hold less cash.

For further details see: