Dear Partners, “Price is what you pay, value is what you get.” -- Ben Graham For the month of June, the Foundry Value Fund was up 1.28%, bringing the quarter and year to date return to positive 5.29% and negative 7.50%, respectively. The inception return to date is now negative 17.80%. For the quarter, the fund outperformed the Russell Microcap Index and the Russell 2000 Index, which posted returns of 3.97% and 3.79%%, respectively. While outperformance is terrific, we do not put any weight on performance over any one period and think in absolute returns, not relative returns.

While we remain cautious on the overall stock market (i.e. the S&P 500 and those stocks included in broad indexes), we firmly believe stocking picking will come back and those with the ability to invest outside the indexes will outperform over the next five and ten year periods. We will not be discussing positions we are still buying or that we deem too small to publish about. We also have a large holding in a company that very few investors even know exists, and thus will not mention until we fully exit the investment. For any current investors, we would be happy to discuss over the phone, but would prefer not to mention in written correspondence until a later date.

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