PRSC - Summers Value Partners Q3 2020 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 declined by 1.2% net during the first nine months of 2020, outpacing the Russell 2000 Index return of -9.6% and the Russell Microcap Index return of -9.1%.
• Our shorting activities continue to be limited as we wait for better opportunities. The Fund has generated a small loss on the short side year-to-date.
• We currently have more ideas than we do capital. We added two new positions in the third quarter, and our idea funnel remains full.

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