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LRT CAPITAL MANAGEMENT MAY 2023 INVESTOR UPDATE

by Updates Finance
June 12, 2023
in Markets
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TERADAT SANTIVIVUT



Dear Friends & Partners,

Our investment returns are summarized in the table below:



Strategy

Month

YTD

12 Months

24 Months

36 Months

Inception

LRT Economic Moat

-11.68%

+18.95%

+15.28%

-4.97%

+10.86%

+20.54%

Click to enlarge

Results as of 5/31/2023. Periods longer than one year are annualized. All
results are net of all fees and expenses. Past returns are no guarantee of
future results. Please see the end of this letter for additional disclosures.

May was a challenging month for our strategy. Our long positions declined
significantly and were only partially offset by our index shorts. See the
appendix for more details. One-month results are almost all noise, and one
should not attach too much weight to such a short time period. Year-to-date, our
strategy has returned more than double that of the S&P 500 index, +18.95% vs.
+9.68%, respectively. June is also off to a good start.

During May, global markets have been gripped by an AI mania, with ChatGPT and
other AI tools dominating the headlines. AI-related stocks such as Nvidia
(NVDA), Microsoft (MSFT), Google (GOOG) (GOOGL), and semiconductor companies
performed extremely well, and most other stocks declined. Our only exposure in
this area is Taiwan Semiconductor Manufacturing Company Limited (TSM), a leading
global chip foundry that is trading at a very reasonable valuation, has a nearly
unassailable competitive advantage, and in contrast to USbased companies, does
not have a megalomaniac CEO with an enormous pay package. As most of our stocks
are not “AI winners” they suffered with the rest of the market, while our index
hedges declined less than expected because banking stocks performed well during
the month – another sector in which we have no exposure.

To be fair, this pattern of semiconductor stocks outperforming everything else
has been going on all year: the market has been led by only a handful of stocks,
“the magnificent seven”, with most other stocks lagging. Despite this, we were
able to outperform during the first four months of the year, but this effect
became extreme in May. It felt like life was being sucked out of almost all
stocks, with investors selling them to buy the “AI darlings”.

As a long-term, fundamentally focused investor, I care and think about the
intrinsic value of the companies I invest in. I believe stocks represent a
partial ownership stake in a real business, and not just pieces of paper to
speculate on or quotations on a computer screen that flicker all day. I will
never chase speculative fads or try to generate short-term investment results by
knowingly investing in fads, because I believe that this would be detrimental to
long term results. The market is now extremely unbalanced: a small number of
stocks (Nvidia, Microsoft, Apple (AAPL), etc.) account for a historically high %
of the total stock market value. The very high expectations embedded in their
stock prices leave them vulnerable to a sharp reversal when they inevitably
disappoint. I have no way of knowing when this will happen, but I know it is
only a matter of time. This is not a prediction, but a mathematical certainty.



Goldman Sachs



I continue to focus on executing our strategy. I remain confident that we will
exceed our high-water mark later this year and I expect a strong year ahead. I
believe the companies we own have strong competitive advantages and they
continue to execute well. I am certain that their stock prices will soon follow.

As always, I look forward to hearing from you and answering any questions you
might have. Thank you for your continued interest and support.

Lukasz Tomicki

Portfolio Manager

LRT Capital

Attributions and Holdings as of 6/1/2023



LRT Economic Moat

Return Attribution

Top Twenty Holdings (%) – As of 6/1/2023

Return Attribution (%) – May 2023

RLI Corp. (RLI)

6.94

Long Equity

-6.61

Northrop Grumman Corporation (NOC)

3.88

Hedges

1.97

Taiwan Semiconductor Manufacturing (TSM)

3.66

Unlevered Gross Return

-4.64

HF Sinclair Corporation (DINO)

Williams-Sonoma Inc. (WSM)

Wyndham Hotels & Resorts, Inc. (WH)

Deere & Company (DE)

Aspen Technology, Inc. (AZPN)

3.50

3.30

2.85

2.31

2.22

Leveraged Gross Return

-11.60

Net Return

-11.68

Top Contributors – May 2023

Taiwan Semiconductor Manufacturing (TSM)

Texas Pacific Land Trust (TPL)

2.20

iShares Core S&P Mid-Cap (IJH)

Align Technology Inc. (ALGN)

2.12

SPDR S&P MidCap 400 ETF (MDY)

Comcast Corporation (CMCSA)

2.07

Vanguard Mid-Cap ETF (VO)

Asbury Automotive Group, Inc. (ABG)

1.91

Vanguard Small-Cap ETF (VB)

CME Group Inc. (CME)

1.86

iShares Core S&P Small-Cap (IJR)

Global Payments Inc. (GPN)

1.84

iShares Russell 2000 (IWM)

TriNet Group, Inc. (TNET)

1.82

Asbury Automotive Group, Inc. (ABG)

Crown Castle Inc. (CCI)

Ball Corporation (BALL)

Livent Corporation (LTHM)

1.75

1.72

1.72

Top Detractors – May 2023

RLI Corp. (RLI)

HCA Healthcare (HCA)

1.69

Exxon Mobil Corporation (XOM)

Intercontinental Hotels Group plc (IHG)

1.68

Texas Pacific Land Trust (TPL)

Global Payments Inc. (GPN)

Top Holdings Total (% of total long exposure)

51.04

Align Technology Inc. (ALGN)

Total Long Holdings

75

Northrop Grumman Corporation (NOC)

Burlington Stores, Inc. (BURL)

Hedges (%) – As of 6/1/2023

HF Sinclair Corporation (DINO)

iShares Russell 2000 (IWM)

-12.92

iShares Core S&P Small-Cap (IJR)

-13.73

Vanguard Small-Cap ETF (VB)

-13.89

SPDR S&P MidCap 400 ETF (MDY)

-14.52

iShares Core S&P Mid-Cap (IJH)

-14.55

Vanguard Mid-Cap ETF (VO)

-15.58

Overall Net Exposure (%)

44.41

Beta-adjusted Net Exposure (%)

27.68

Click to enlarge

Source: Bloomberg, Sentieo.

Numbers may not add up due to rounding. Net returns are net of a hypothetical 1%
annual management fee (charged quarterly) and a 20% annual performance fee.
Individual account results may vary due to the timing of investments and fee
structure. Please consult your statements for exact results. Please see the end
of this letter for additional disclosures.

APPENDIX I: PORTFOLIO CONSTRUCTION SOFTWARE OVERVIEW

LRT separates the discretionary and qualitative process of selecting the equity
holdings from the portfolio construction process which is systematic and
quantitative.





Our quantitative process considers each position’s contribution to portfolio
volatility, contribution of idiosyncratic vs. systematic risk, and portfolio
factor (size, value, quality, momentum, vol, etc.) exposures.

The system outputs target portfolio weighs for each position. We trade
mechanically to rebalance the portfolio each month to the targeted exposures.
This eliminates emotions, human biases, and overconfidence risk.

Example system output:





DISCLAIMER AND CONTACT INFORMATION

LRT Capital Management, LLC is an Exempt Reporting Adviser with the Texas State
Securities Board, CRD #290260. Past returns are no guarantee of future results.
Results are net of a hypothetical 1% annual management fee (charged quarterly)
and a 20% annual performance fee. Individual account returns may vary based on
the timing of investments and individual fee structure.

This memorandum and the information included herein are confidential and are
intended solely for the information and exclusive use of the person to whom it
has been provided. It is not to be reproduced or transmitted, in whole or in
part, to any other person. Each recipient of this memorandum agrees to treat the
memorandum and the information included herein as confidential and further
agrees not to transmit, reproduce, or make available to anyone, in whole or in
part, any of the information included herein. Each person who receives a copy of
this memorandum is deemed to have agreed to return this memorandum to the
General Partner upon request.

Investment in the Fund involves significant risks, including but not limited to
the risks that the indices within the Fund perform unfavorably, there is
disruption of the orderly markets of the securities traded in the Fund, trading
errors occur, and the computer software and hardware on which the General
Partner relies experience technical issues. All investing involves risk of loss,
including the possible loss of all amounts invested. Past performance may not be
indicative of any future results. No current or prospective client should assume
that the future performance of any investment or investment strategy referenced
directly or indirectly herein will perform in the same manner in the future.
Different types of investments and investment strategies involve varying degrees
of risk – all investing involves risk – and may experience positive or negative
growth. Nothing herein should be construed as guaranteeing any investment
performance. We do not provide tax, accounting, or legal advice to our clients,
and all investors are advised to consult with their tax, accounting, or legal
advisers regarding any potential investment. For a more detailed explanation of
risks relating to an investment, please review the Fund’s Private Placement
Memorandum, Limited Partnership Agreement, and Subscription Documents (Offering
Documents).

This report is for informational purposes only and does not constitute an offer
to sell, a solicitation to buy, or a recommendation for any security, or as an
offer to provide advisory or other services in any jurisdiction in which such
offer, solicitation, purchase, or sale would be unlawful under the securities
laws of such jurisdiction. Any offer to sell is done exclusively through the
Fund’s Private Placement

Memorandum. All persons interested in subscribing to the Fund should first
review the Fund’s Offering Documents, copies of which are available upon
request. The information contained herein has been prepared by the General
Partner and is current as of the date of transmission. Such information is
subject to change. Any statements or facts contained herein derived from
third-party sources are believed to be reliable but are not guaranteed as to
their accuracy or completeness. Investment in the Fund is permitted only by
“accredited investors” as defined in the Securities Act of 1933, as amended.
These requirements are set forth in detail in the Offering Documents.

Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha
editors.

Editor’s Note: This article discusses one or more securities that do not trade
on a major U.S. exchange. Please be aware of the risks associated with these
stocks.



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