MODV - Summers Value Partners Q3 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 top contributors in the third quarter included Inotiv (NOTV) and ModivCare (MODV). Each of these companies has been owned in the portfolio for over one year.
• The biggest detractor in the third quarter was Scott’s Liquid Gold (SLGD), which has suffered from supply chain issues and stock-outs caused by the pandemic.
• One of our primary objectives is to deliver attractive long-term performance in an uncorrelated manner.

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