Lemelson Capital Management Reports Preliminary H1 2023 Results

NOTICE AND DISCLAIMER:

This material is presented for informational and educational purposes only and expresses the views, analyses, and opinions of Lemelson Capital Management, LLC (the “Advisor,” “Investment Manager,” or “General Partner”) as of the date indicated. Such views, analyses, and opinions are subject to change at any time without notice. The Advisor undertakes no duty or obligation to update, revise, or maintain any information, research, or commentary contained herein. Certain information concerning economic trends, industry data, and financial markets is derived from independent third-party sources. While the Advisor believes such sources to be reliable, it has not independently verified the accuracy or completeness of such data and assumes no responsibility for third-party errors or omissions.

No Offer, Solicitation, or Investment Advice: This report shall not constitute legal, tax, accounting, or investment advice, nor an offer of interests in any fund, which may only be made pursuant to the fund’s confidential private offering memorandum, related subscription agreement, limited partnership agreement, and applicable laws and regulations. Any such offer or solicitation may only be made to qualified prospective investors who meet the definition of “Accredited Investors” under Regulation D and/or “Qualified Purchasers” under the Investment Company Act. Interests in the funds have not been registered under the Securities Act of 1933 or the Investment Company Act of 1940. An investment in any private fund is speculative, illiquid, subject to substantial restrictions on transfer and redemption, and involves a high degree of risk, including the potential loss of principal.

Performance Data & Calculation Methodology: Any performance data included with respect to any client account of the Advisor represents the net performance (except where gross and net are both presented) of and reflects the deduction of all account or vehicle level expenses, including without limitation brokerage and other transaction costs, management fees, performance allocations/carried interest, as well as legal, audit, administration, and other operating expenses. Any performance presented would not represent the return of any individual investor. An individual investor’s net return in any collective investment vehicle may differ significantly from any net performance as stated herein due to differences in fee arrangements, high-water marks, hurdle rates, and the timing of investment. In fact, any net returns of a vehicle shown herein may be significantly higher than an investor’s actual return. Any performance information includes the reinvestment of all dividends, interest, and other income. Past performance is not necessarily indicative of future results. All investments involve risk, including the potential loss of principal.

Any performance results should not be considered a substitute of, or indicative of the past or future performance. Returns are estimated and unaudited; actual returns may vary from the performance information presented above. Estimated returns should not be construed as providing any assurance or guarantee as to actual returns. Actual performance figures are only computed and audited yearly. Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur.

Benchmark & Index Comparisons: Indices are included to show the general trend of the securities markets in the periods indicated. No representation is made that the strategies are or will be comparable, either in composition or element of risk involved, to the securities comprising the selected indices. S&P 500® Total Return Index (SPTR): A market value-weighted index of 500 stocks chosen for market size, liquidity, and industry grouping, among other factors. This index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large-cap universe. This index reflects the effects of dividend reinvestment. Indices are unmanaged and do not reflect the deduction of advisory fees, brokerage commissions, or vehicle operating expenses, which reduce returns. Investors cannot invest directly in an index.

Specific Securities, Activist Research & Trading Conflict Disclosures: Any specific securities identified and described in this material do not represent all the securities purchased, sold, or recommended for any account, and should not be construed as a recommendation to buy, sell, or hold any security. The audience should not assume that investments in these securities identified and discussed have been or will continue to be profitable. Investment examples and activist case studies are included merely to illustrate the research process and strategies that may be utilized by the Advisor. Client accounts currently own numerous other securities in various other industries and sectors unrelated to these securities. The purchase of these securities only will not create a diversified portfolio. The Advisor, its affiliated funds, partners, and personnel hold, have held, or may in the future establish long or short positions, options, debt, or other derivative contracts in any security discussed, and stand to benefit financially from movements in the market price of such securities that align with stated theses. The Advisor explicitly reserves the right to buy, sell, cover, hedge, increase, or liquidate any position in any security mentioned at any time, before or after publication, without notice to anyone.

Third-Party Ratings, Rankings & Accolades: References to third-party rankings, ratings, or awards (including rankings by Barron’s, Morningstar, Preqin, and HFR) reflect historical industry recognitions based on criteria and historical data evaluated by the respective independent rating organizations. Such rankings reflect historical performance over specific past evaluation periods and do not represent client endorsements, customer satisfaction, or a guarantee of future fund performance. The Advisor did not pay any direct or indirect compensation to be included in, or to receive, any third-party ranking, rating, or award.

Forward-Looking Statements & Risk Management: Statements contained herein that are not historical facts, including predictions, forecasts, expectations, or statements concerning risk management policies, are forward-looking statements subject to known and unknown risks, uncertainties, and assumptions that may cause actual outcomes or results to differ materially from those expressed or implied.

Jurisdictional Restrictions: This information is not directed to, or intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability, or use would be contrary to local law or regulation.

¹ The returns reflect a hypothetical day-one, full-fee-paying investor.