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1 Main Capital Partners Q3 2021 Letter

Nov. 02, 2021 7:34 AM ETGOOG, GOOGL, KKR, MHH, NWINF, MJWNY, RICK, LMB, ATIP, GREE2 Comments
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Fund Letters


  • 1 Main Capital makes concentrated investments in high-quality reasonably valued businesses with long reinvestment runways and in special situations that are experiencing a temporary dislocation or undergoing an element of change that will cause investors to revalue an investment in the near term.
  • In the third quarter, 1 Main Capital Partners, L.P. returned 9.7% net of fees and expenses, bringing the year-to-date return to 53.9%. Through the first nine months of the year, the S&P 500 and Russell 2000 Indexes returned 15.9% and 12.4%, respectively.
  • As of September 30th, the Fund’s top 5 positions were unchanged from Q2, comprising of Alphabet Inc, KKR & Co, Mastech Digital, Naked Wines and RCI Hospitality.
  • The S&P 500 sells for 20x 2022E earnings. The Russell 2000 sells for 24x 2022E earnings and less than 16xwhen excluding companies that are loss making.

October 2021

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Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

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Comments (2)

Maschuette profile picture
I dont see GREE listed anywhere. Where's GREE?
Maschuette profile picture
@Maschuette Oh I found it. You sold it when it publicly announced the merger and the stock jumped to $7. That was a great trade. But did you buy it back when it fell to $2 and then spiked to $60?
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SymbolLast Price% Chg
Alphabet Inc.
Alphabet Inc.
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Mastech Digital, Inc.
Naked Wines plc

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