Post by Edward Reilly, CFA

Two years ago, drawing on our experience investing in micro-cap and small-cap companies, Tom Wetherald and I formed Minot Light Capital Partners LLC to pursue opportunities in segments of the public equities market where we believe structural inefficiencies remain prevalent. We believe the position-sizing and liquidity considerations faced by larger institutional investors can contribute to pricing inefficiencies within these markets. A position that may be too small to meaningfully affect the results of a large fund can still be meaningful for a smaller fund. At the same time, micro-cap and small-cap securities can be less liquid than larger-cap securities. We seek to identify companies that are early in their growth lifecycles, possess attractive business models, and trade at valuations that we believe do not fully reflect their long-term growth prospects and earnings power. With that, we are pleased to share our 2Q 2026 Quarterly Letter. For the quarter ended June 30, 2026, the Fund returned 26.2% gross and 20.3% net. Year to date through June 30, 2026, the Fund returned 22.8% gross and 17.1% net. In the letter, we discuss: 1. Why we continue to find attractive opportunities outside the market’s most popular AI and emerging-technology themes 2. The opportunity we see in busted non-technology IPOs 3. Our process around three current portfolio investments: Sonida Senior Living (SNDA), Xtract One Technologies (XTRAF), and Rockwell Medical (RMTI) The full letter, including important performance and risk disclosures, is available at the link below.