ZBH - Summers Value Partners Q4 2024 Partner Letter

2025-01-30 08:30:00 ET

Summary

• In 2024, the Summers Value Fund LP delivered a net return of 27.4%, outperforming its benchmarks, the Russell 2000 Index ETF and the Russell 2000 Value Index ETF.
• The Fund's strategy focuses on business quality, positive change factors, and long-term investment orientation, benefiting from both long and short positions.
• Key contributors included Electromed and UFP Technologies, while detractors were Zimvie, Utah Medical, and Premier Inc.
• We remain committed to treating our limited partners fairly, aligning our interests, and offering unique investment opportunities through single-purpose vehicles or deal funds.

Dear Fellow Partners:

In 2024, the Summers Value Fund LP ("the Fund") delivered a net ¹ return of 27.4%. The Fund outperformed its primary benchmark, the Russell 2000 Index ETF ( IWM ), which returned 11.3% for the year. The Fund also outperformed its secondary benchmark, the Russell 2000 Value Index ETF ( IWN ), which returned 7.7% for the year. Since inception, the Fund has achieved an annualized net ¹ return of 12.8%, compared to the Russell 2000 Index ETF's annualized return of 6.0% and the Russell 2000 Value Index ETF's annualized return of 5.4%. Our strategy has benefited from our focus on business quality and positive change factors, combined with our long-term investment orientation....

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