TKPHF - Roubaix Capital's Q4 2020 Letter To Partners

• Roubaix Capital, LLC provides investment advisory services. The Company offers investment and portfolio management services for pooled investment vehicles. Roubaix Capital serves customers in the U.S.
• During the fourth quarter of 2020, the Roubaix Fund Composite gained 26.63% on a net basis compared to a return of 14.50% for our long/short equity peer group, represented by the HFRI Equity Hedge Index and 31.37% total return for the long-only Russell 2000 Index.
• The largest contributor to fourth quarter long performance was Codexis, a truly unique investment story. The largest detractor in the long portfolio during the fourth quarter was Repro Med Systems.
• Low interest rates may also pose a risk to asset prices ifthey were to migrate back towards historical norms, or even pre-pandemiclevels. By in large, our outlook remains constructive.
• IPOs are running at rates not seen since the 2000 techbubble. Special purpose acquisition vehicles (SPACs) – where capital is raisedfor the purpose of doing an unknown acquisition.

For further details see: