Voss Value Fund Q1 2026 Partner Letter

Voss Value Fund’s commentary for the first quarter ended March 31, 2026.

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Dear Partners,

In Q1 2026, the Voss Value Fund, LP and the Voss Value Offshore Fund, Ltd., returned -11.4% and -11.5% to investors net of fees and expenses, compared to +0.9% total return for the Russell 2000, +5.0% total return for the Russell 2000 Value, and -4.3% total return for the S&P 500.

As of March 31st, 2026, the Voss Value Master Fund’s total gross exposure stood at 183.2% and the delta-adjusted net long exposure was 82.1%. The top 10 longs had a weight of 75.1%, and our top 10 shorts had a weight of -36.3%.

Voss Value Master Fund assets...