Khrom Capital on Investing Versus Trading

Attached, please find a copy of Khrom Capital's quarterly letter.

In the first quarter ending March 31st, 2013, the fund returned 30.4% gross, or 23.0% net of fees and expenses. Below are the net annualized returns of the fund over different time periods.

NET Annualized Returns:Last 12 months:                     50.9%
Last 3 years:                           30.5%
Since inception (March 2008): 23.3%

We ended the quarter with 64% of the fund’s assets in cash–a historical high for us. This balance may soon shift. We are investigating new opportunities, which we cannot yet disclose. Hence, this . . .


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