Steel City Capital was up 2.7% for the first quarter. Founder Michael Hacke said he was "disappointed" that the fund "didn't fully participate in the robust rebound experienced by all of the major U.S. indexes." However, he also said they identified a number of opportunities during the quarter and emphasized that he's focused on long-term investment horizons. He expects the positions they have bought recently will reward the fund "handsomely in the years to come."

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