Performing Capital was up 18.5% for the fourth quarter, closing out the year with a 25.9% return. The S&P was up 12.1% for the fourth quarter and 18.4% for 2020, while the Russell 2000 gained 31% in the fourth quarter and 18.4% for the full year. The HFRI Equity Hedge Index returned 14.8% for the fourth quarter and 17.8% for the full year. Since inception, the small cap focused fund has returned 174.3% vs 146.9% for the S&P 500 and just 79.5% and 53.8% for the Russell 2000 and HFRI index, respectively. 
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