LTRPA - Second Quarter 2021 Letter: Doubling Down

• GreenWood Investors is a mostly-long, deep value investment firm focused on areas of extreme pessimism, structural inefficiencies and low competition.
• Net of fees and expenses for all funds mentioned, our core Global Micro Fund was +14.8% in the quarter (+41.5% YTD). The euro-denominated Luxembourg fund returned +13.5% (+44.1% YTD). Our Global Micro separate accounts returned +5.6% (+25.0% YTD) while our long-only Traditional accounts returned +8.1% (+25.0% YTD).
• Performance during the quarter was primarily driven by CatchMark Timber Trust, which contributed 10.0% to the fund, followed by Superdry and Vertiv, which each contributed 3.5% and 1.9%, respectively.
• Although our short portfolio hurt performance in the quarter, it has added alpha this year. We have continued to work hard to evolve our short book, ensuring we effectively eliminate any chunky portfolio factor exposures.

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