KHTRF - Summers Value Partners Q1 2021 Investor Letter

• 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 returned 17.5% net during Q1’21, outpacing the Russell 2000 Index return of 12.9% but underperforming the Russell Micro-Cap Index return of 24.0%.
• At the end of the quarter, the Fund consisted of eight long positions against zero short positions having covered our remaining short position in December of last year.
• The biggest contributor in the first quarter was Inotiv, which changed its name from Bioanalytical Systems (BASI) after its annual meeting in March. The stock price increased by 62% in the period as investors began to appreciate the company’s bright outlook.

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