LSYN - Steel City Capital Investments Q3 2020 Letter

• Steel City Capital Investments, LLC is a registered investment advisor that provides investment management services to a long-biased investment fund and separately managed accounts. We adhere to a value-oriented investment in our pursuit of generating long term growth of capital for investors.
• In the third quarter Steel City Capital, LP gained 1.6%, net of fees and expenses, compared to +8.5% of S&P 500 Index and +8.4% MSCI All World Index. Year-to-date, the Partnership has added 2.6%, net.
• As the Partnership holds a concentrated portfolio, it should be expected that individual positions will often cause results to diverge materially from market indexes.
• Rising inflation will likely weigh on hyper-growth stocks whose valuations are predicated on expectations of significant cash flows in the distant future. Such stocks should make increasingly attractive short candidates.

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