“Simplicity is The Ultimate Sophistication”

Dear Partner,

Hazelton Capital Partners, LLC (the “Fund”) gained 6.4% from October 1, 2017 through, December 31, 2017, gained 23.6% year-to-date and has returned 128% since its inception in August 2009. By comparison, the S&P 500 gained 6.6% in the same quarter, increased 21.8% year-to-date and has returned 206% since the Fund’s inception.

The Year in Review – Position Updates

Hazelton Capital Partners ended the 4th quarter with a portfolio of 18 equity positions and a cash level equivalent to 27% of assets under management. The Fund’s top five portfolio holdings, which are equal to slightly below 40% of the Fund’s net assets, are: Micron Technology (MU), Western Digital (WDC), USA Technologies (USAT), Ezcorp (EZPW), and Spirit Airlines (SAVE). Similar to previous quarters in 2017, Hazelton Capital Partners continued to prune many of its top holdings, but unlike past quarters, the Fund was able to find two new investments to re-deploy some of its cash. One of those investments was in Hanesbrands which I presented at this year's MOI Best Ideas Conference.

The full letter is below:

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