Dear Partner,

Hazelton Capital Partners, LLC (the “Fund”) gained 1.8% from January 1, 2018 through March 31, 2018 and has returned 132% since its inception in August 2009. By comparison, the S&P 500 lost 0.8% in the same quarter and has returned 203% since the Fund’s inception.

The Quarter in Review – Position Updates

Hazelton Capital Partners ended the 1st quarter with a portfolio of 17 equity positions and a cash level equivalent to 18% of assets under management. The top five portfolio holdings, which are equal to roughly 43% of the Fund’s net assets, are: Micron Technology (MU), Western Digital (WDC), USA Technologies (USAT), Apple Inc (AAPL) and Manitowoc Company (MTW). For those keeping score, Manitowoc Company is a new addition to the top five holdings but is not a new addition to the portfolio. In fact, MTW had grown into a top five holding in the 4th quarter of 2017 but the Fund took profit on 1/3 of the position. In early March of 2018, Hazelton Capital Partners was given the opportunity to buy back nearly all the shares it had sold at a 30% discount to our selling price.

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