ETHE - T11 Capital Management December 2020 Investor Letter

• T11 Capital Management is a California based money manager. The firm offers separately managed accounts to high net worth individuals and institutions.
• For the month of December, T11 TABS recorded a 35.03% gross return and a net return of 26.27% versus the S&P 500, which gained 3.71% during the month.
• Through the end of December, T11 TABS has a gross year to date return of 85.16% and a net return of 63.87% versus the S&P 500, which has gained 16.26% year to date.
• In 2021, there is nomodern precedent for where we are economically, socially, and politically. Forthis reason, whatever forecasts you see should be disregarded, in favor of therealization that the only guarantee from the various inputs, whether monetary,fiscal or geopolitical in nature is an output of rampant volatility.

For further details see: