Prime 2020 Year End Shareholder Letter

Dear Investors and Friends,

As usual, first things first: the results. Here is how our portfolios performed in 2020:

• Our Traditional Long/Short Portfolio was up 252.42% net, 295.92% gross
• Our Long Only Portfolio was up 268.02% net, 302.93% gross
• Our Ultra Hedged Unlevered Portfolio was up 169.16% net, 179.42% gross

With all the volatility in financial markets in 2020, we saw increased opportunities and mispriced assets on both the long and short side—which ultimately resulted in our best year thus far. Our approach to analyzing companies and assessing their intrinsic values has remained the same since our inception. The more change and upheaval the market throws at us, the more opportunities we tend to find. 2020 was simply a year in which the market afforded us many of those opportunities.