Fellow Partners,
GrizzlyRock Institutional Value Partners, LP and GrizzlyRock Value Partners, LP (together “GrizzlyRock” or the “Fund”) decreased 7.52% net of expenses during the first quarter of 2018. Since inception, GrizzlyRock has been profitable each calendar year except for 2015 (in which Fund returned -1.0% net). While the first quarter was not additive, the Fund has a good probability of achieving a solid 2018 annual return.
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