LSYN - Steel City Capital Investments Q4 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 fourth quarter gained 7.2%; and +10.0% for the year, compared to +16.3% of S&P 500 Index and +16.3% MSCI All World Index.
• I have sought to fine tune risk management “rules” around short positions as they pertain to position sizing and when to exit.
• As I reflect on our 2020 performance vis-à-vis the market, there are portfolio management decisions that I would unabashedly make again, and others which served as humbling “learning experiences.”.

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