ASRT - Summers Value Partners Annual Investor Letter 2020

• Summers Value Partners is a boutique value manager that uses a focused, long-term approach to investing in areas of the market where most managers are unwilling or unable to participate.
• The Summers Value Fund LP gained 14.7% net in 2020, which compares against the Russell 2000 Index return of 18.4% and the Russell Microcap Index return of 19.3%.
• The biggest contributors to performance during the year included Bioanalytical Systems and Providence Service Corp (now ModivCare).
• The biggest detractors for the year included Assertio Therapeutics, Eagle Pharmaceuticals and Taro Pharmaceuticals.

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