White Brook Capital Investor Presentation — December 2021

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Year End 2021 Commentary

Year in review, and a look forward

Inception of White Brook Capital Partners was August 16, 2019

Performance figures are provided by the administrator and are unaudited, PF 2019, 2020

figures are audited; 2021 are unaudited

Performance is net of all realized and accrued fees

At quarter end, the Fund was 89.75% invested across 10 positions. For the year, the

Fund’s NAV increased by 37.16% vs the S&P 400 MidCap Index up 24.76% and the S&P 500

Index up 28.71%, net of all realized and accrued fees. This marks the third consecutive year of

outperformance. None of the outperformance is attributable to higher risk investments in crypto

currencies or the so called “meme” stocks like Gamestop (GME) or AMC Entertainment (AMC).

This year, the Fund and larger taxable accounts that are run pari-passu to White Brook

Capital Partners took advantage of tax losses in the fourth quarter to increase their after-tax

returns. Therefore the portfolio at the end of the year may not represent the portfolio at the end

of January. The Fund entered a new position in KAR Auction Services (KAR) during the fourth

quarter and while some accounts did exit one position, it is likely to be re-initiated in the short

For the year, the portfolio’s top gainers were B. Riley Financial (RILY) and Mosaic Co

(MOS). The portfolio’s top detractors were Qurate Retail Inc (QRTEA) and Pitney Bowes Inc

(PBI). On a sector basis, no sector’s detracted from the Fund’s performance, while Financials

and Communications were the top contributors to performance.

Performance this year was solid. In the first half, the portfolio outperformed due to

specific stock selection, but also with a backdrop that supported small and mid-cap value stocks

vs large cap and growth stocks. During the second half, large cap and growth stocks - factors that

have dominated for almost half a decade now - more than made up the first half midcap and

value outperformance, while the portfolio’s performance also suffered from negative stock

specific news. All in, on both an absolute and relative basis, to either indices, the Fund’s

performance was favorable and the portfolio continues to be well positioned.

During the year our investment posture changed, removing an explicit “reopening” trade

focused on a reemergent consumer. While consumer spending and consumer balance sheets are

strong, the outcomes implied by the price of those investments compared to their sensitivity

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