Fellow Partners,
GrizzlyRock Institutional Value Partners, LP and GrizzlyRock Value Partners, LP (together “GrizzlyRock” or the “Fund”) increased 3.37% net of expenses during the second quarter of 2018. The long portfolio earned 10.3% gross as most investments posted solid quarterly earnings and the market viewed the reports favorably. As discussed on pages three and four, the Fund owned four individual positions which materially aided performance this quarter. While price levels remain robust across the United States equity landscape, we continue to find opportunities in turnaround situations, businesses with attractive situational dynamics, and operational improvements.
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