RACE - The Ensemble Fund Q1 2021 Investment Update

• The Ensemble Fund seeks to achieve long-term capital appreciation. The Fund invests in a focused portfolio of approximately 15 to 30 securities that meet our demanding criteria.
• Notable contributors to the Fund’s returns this quarter were Home Depot, Alphabet, and First Republic Bank.
• The Goldman Sachs “reopen basket,” which consists of 35 US-listed stocks that Goldman believes stand to benefit the most in a reopening scenario, was up 22.0% this quarter. In contrast, , the Goldman Sachs “US Stay at Home Basket” of stocks was down 2.4%.
• In particular, we believe our industrial-related holdings like Fastenal (2.5% weight in the Fund) and Landstar (2.0% weight in the Fund),as well as home-related holdings like NVR (4.6% weight in the Fund), Home Depot, and First American Financial (4.0% weight in the Fund) are well positioned to benefit from this spending.

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