SLV - T11 Capital Management January 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 January, T11 TABS recorded a 9.07% gross return and a net return of 6.80% versus the S&P 500, which declined 1.11% during the month.
• We ended the month in a market neutral stance, allowing for opportunities on either the long or short side to be taken as the market allows during February.
• January showed that we can be defensive minded throughout 2021, while taking aggressive shots at the market when opportunities become available.

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