KHTRF - Summers Value Partners Q2 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 biggest contributor in the second quarter was Inotiv (NOTV), which appreciated by 33% and was added to the Russell 2000 Index in June.
• We exited our position in Knight Therapeutics (GUD.TO) in the second quarter following a change in the company’s leadership.
• The Fund marked its three-year anniversary during the second quarter. We have consistentlycommunicated to our partners that we believe a 13-15% annual return net of fees is achievable over thelong term.

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