10-Year Anniversary Letter: The Rowan Street Story

A decade in investing is more than just a milestone—it’s a test. It’s a test of patience, of conviction, and of the ability to stay the course when everyone around you suggests otherwise. Over the past ten years, we’ve experienced euphoric highs, painful lows, and everything in between. We’ve made mistakes, learned invaluable lessons, and refined our investment philosophy through both triumphs and setbacks.

On this special occasion, we don’t just want to look back—we want to distill the essence of our journey into one cohesive narrative. This letter is our story. It’s about the lessons that shaped us, the principles we live by, and the path we’re charting for the decades ahead.

Table of Contents

1. The Birth of Rowan Street: (2015–2017: The Formative Years): How the fund was founded and the early years of survival.

2. The Breakout (2018–2021): Finding Our Stride – Embracing long-term ownership and refining our investment philosophy.

3. The Crucible (2021–2022): Our Biggest Test – Navigating the most challenging period in our history and staying the course.

4. The Rebound (2023–2024): The Power of Staying the Course – How discipline and patience led to an extraordinary recovery.

5. Key Lessons from a Decade of Investing

6. Looking Ahead: The Next Chapter of Rowan Street – Why our principles remain unchanged and what the future holds.

   
   

The Birth of Rowan Street

In late 2014, after more than a decade managing over $1 billion in assets for high-net-worth clients at top-tier Wall Street firms, I made the most consequential decision of my career: I walked away from the stability of my Private Wealth Management career to start an investment fund from scratch. No salary. No guarantees. Just a deep conviction that we could build something different.

But the seed for Rowan Street was planted much earlier. Back in 2002, reading Robert Hagstrom’s The Warren Buffett Way gave me something rare: clarity of purpose. I suddenly knew exactly what I wanted to do with my life.

Of course, that clarity didn’t come with an instruction manual on how to become a great investor. It also didn’t come with capital, connections, or any shortcut to success. I was a newly minted USC graduate working as a junior portfolio analyst on Wall Street, armed with nothing but an ambitious dream and a bookshelf full of Buffett’s writings.

Fast forward to 2014, and fate intervened. While attending a training course in Seattle, I reconnected with Joe Maas, whom I’d met years earlier while pursuing the CFA designation. Most CFA candidates bond over shared misery, but Joe and I clicked because our conversations always veered beyond that—we’d dive deep into investing and, more importantly, talk about the kind of fund we’d love to run someday.

One evening, over drinks (never underestimate the power of a good cocktail), we sketched out the blueprint for what would become Rowan Street—on the back of a napkin, no less.

A week later, I quit my job, cashed out my savings, and teamed up with Joe to launch Rowan Street. We started with our own capital, no outside investors, no fancy office, and no guarantees. Just two guys with a bold vision and an unshakable belief in a simple but powerful approach:

• Find great businesses led by exceptional people.

• Buy them at a fair price.

• Let time and compounding do the rest.

The Early Years: Survival Mode

Starting a fund with a small pool of personal capital and no institutional backing is extremely rare in the investment world—and surviving the early years is incredibly difficult. We had no deep-pocketed backers, no fancy office—just our own money and a few close friends and family who believed in us.

We had to be incredibly disciplined. No office. No Bloomberg terminal. No analysts. No expensive research subscriptions. I ran the fund from my apartment, devouring annual reports like they were bestsellers. Passion was a driving force, but so was the very real fear of having to move back in with my parents. Every dollar mattered, and we operated the fund with the same frugality we applied to our investments.

At times, it felt like the odds were stacked against us. But those early struggles shaped the foundation of Rowan Street. We weren’t just launching a fund; we were forging the habits that still define us today:

• Think and act like business owners. We don’t trade stocks—we own businesses.

• Filter out the noise. Great companies aren’t derailed by a bad quarter or a Fed announcement.

• Let compounding do the work. Instead of constantly tinkering, we focus on time and patience—two of the most powerful forces in investing.

  
  

Back then, it didn’t feel like we were building an investment philosophy; it just felt like survival. But looking back now, we wouldn’t change a thing. The struggles of those early years weren’t setbacks at all—they were training. They taught us patience, resilience, and the discipline to focus on what truly matters.

2015–2017: The Formative Years

In those first few years, we focused on building a strong foundation—refining our processes, testing our investment framework, and honing our discipline. We were thoughtful in our approach, but like any investors, we had a lot to learn.

During this time, we invested in a number of high-quality businesses, many of which turned out to be exceptional long-term performers:

• Bank of America (BAC) – 3x since purchase

• Booking Holdings (then Priceline) – 4.2x

• Dick’s Sporting Goods (DKS) – 6.3x

• McKesson (MCK) – 4.2x

• Novo Nordisk (NVO) – 3x

While we had a good eye for great businesses, one key lesson from this period reshaped our approach: we learned to tune out macroeconomic noise and focus on what truly drives long-term compounding.

Lesson #1: Ignore the Noise – Focus on What You Can Control

When we first started Rowan Street, we made a common but costly mistake—one that nearly every investor makes at some point. We worried too much about what the market might do, instead of focusing on what we could control.

In 2015, Wall Street was full of warnings that the bull market was on its last legs. The pundits sounded smart, their arguments were persuasive, and the instinct to “play it safe” was strong. We fell for it. A perfect example was our early investment in Booking Holdings (then Priceline). It was a high-quality, asset-light, cash-generating business with strong network effects—exactly the kind of company we love to own. But after it rose ~40%, we sold, fearing that an economic slowdown would hurt travel demand. Had we simply held on, that stake would have grown roughly 4.2x (about a 17% annual return).

That experience drove home one of Peter Lynch’s most famous lessons: 

We’d read those words before starting Rowan Street, but investing isn’t truly learned from books—experience is the real teacher. It’s one thing to understand a lesson intellectually; living through it is another. Selling a great business too early—only to watch it compound many times over—is a mistake you don’t forget.

From that point on, a guiding principle was born: Ignore market predictions and stay focused on the businesses themselves. We don’t claim to know where the market will be next month or next year. What we do know is how to identify high-quality, well-run businesses that can compound capital at double-digit rates over the long run. Those are what we focus on, and we let the market do what it will.

Lesson #2: The First Rule of Compounding – Don’t Interrupt It Unnecessarily

In the beginning, we still operated with a classic value investing mindset: buy a dollar for 50 cents, then sell when it approaches intrinsic value. As soon as a stock reached what we thought was “fair value,” we’d exit and move on to the next undervalued idea. This led to high portfolio turnover and a relentless hunt for new bargains. It occasionally produced decent trades, but over time we realized we were optimizing the wrong thing.

Charlie Munger put it best:

Simple as it sounds, it took us years to fully internalize that wisdom. Looking back at our letters from 2015–2017, it’s clear how much time and energy we spent chasing the next ‘cheap stock’—constantly jumping from one opportunity to the next.

In hindsight, that approach never really suited us. We’ve found that when valuation is the overriding driver of interest, we’re prone to get involved in challenging businesses or complicated ideas and liable to confuse a statistically cheap price with a margin of safety. Instead of fixating on valuations and bargain-hunting, we should have been devoting our time to studying great businesses led by great entrepreneurs. That was always meant to be our edge!

Another painful lesson from this period was over-optimizing expected returns. We would sell stocks that had become “fully valued” and swap into others we thought had more upside. It felt savvy at the time, but in reality we were often forfeiting potential 3–5x long-term gains on the businesses we sold.

For example, take Chipotle (CMG). We sold our shares after an 80% gain in 6 months holding period, patting ourselves on the back on a great trade—only to watch Chipotle go on to compound 9x in the ensuing years. Ouch.

Compounding only works when you let it. We eventually realized that our real job is to buy right and then to hold on. That sounds easy, but in practice it requires extreme patience, discipline, and an unwavering belief in the businesses we own. The power of compounding can only unfold if it remains uninterrupted.

Had we simply done nothing—held onto Chipotle, Booking, and others—we would have dramatically outperformed our more active strategy. Selling early, trading too often, and focusing too much on valuation over quality all reinforced a core belief that now defines our approach: Find truly great businesses, buy them at reasonable prices, and let them do the work over time.

2018–2021: The Breakout – Hitting Our Stride

By 2018, Rowan Street hit an inflection point. In the years prior, we had refined our approach, learned from our early mistakes, and gained a clearer understanding of what truly drives long-term compounding. This was the period where we fully embraced our investment philosophy—not just in theory, but in practice.

Looking back, 2018–2021 was a time of great progress and critical lessons. We delivered a 27.5% annualized return (21% net of fees) from December 2017 through June 2021, a testament to the power of owning a concentrated portfolio of exceptional businesses. But more important than the numbers was how our thinking evolved.

Lesson #3: Stay Within Our Circle of Competence — Yet Stay Curious

In Rowan Street’s early years, we made a costly error: we automatically dismissed companies that didn’t fit our mental model of a “great investment.” Because of that, we passed on Amazon, Google, Netflix, Apple—some of the greatest compounders of our time—without even giving them a fair shot.

Why did we ignore them? Because we were heavily influenced by Buffett’s historical avoidance of tech. Our playbook was built on Graham-and-Buffett principles, and we assumed those tech giants were too unpredictable, too reliant on constant innovation, and too hard to value. Instead of trying to understand them, we tossed them in the “too hard” pile and moved on.

The irony was that these companies dominated my daily life:

• I used Google search every day around the time of its 2004 IPO.

• I joined YouTube in 2006 (even met co-founder Steve Chen once when working from a coffee shop in San Francisco).

• I bought the first iPhone in 2007.

• By 2011, I was streaming movies on Netflix.

• I joined Facebook in 2010 and was an early Instagram user.

• Living in San Francisco, I relied on Uber and Lyft to get around.

• Later, in Seattle, Amazon’s packages filled my apartment mailroom and their headquarters rapidly rose across the street.

  
  

These weren’t abstract businesses we couldn’t grasp—we were literally living inside their ecosystems. Yet we ignored them as investments because they didn’t fit our traditional value framework.

It wasn’t until the summer of 2017, when we read Modern Monopolies by Alex Moazed, that we realized how much we had been missing. We had dismissed an entire category of world-changing businesses without even attempting to understand them. We learned that the biggest mistake isn’t passing on an opportunity—it’s never bothering to understand it in the first place. Now we follow a simple rule: you don’t have to invest in an idea, but before you say no, you must make an effort to understand what’s behind its success. You can always toss something in the “too hard” pile—but only after you’ve done your homework.

We still firmly believe in staying within our circle of competence. But we’ve learned that part of our job as investors is to expand that circle over time. It’s a delicate balance: you don’t want to fool yourself into thinking you understand something when you don’t — the most important three words in investing might be “I don’t know”. At the same time, you shouldn’t dismiss great businesses just because they don’t fit an old model.

After this wake-up call, we dived into studying platform businesses, network effects, and the competitive advantages of modern “tech monopolies.” We read extensively about companies like Facebook, Amazon, Google, Alibaba, Tencent, Netflix, Airbnb, Uber, and Tesla. We discovered that many of these companies actually met the very criteria we had always looked for:

• Expanding competitive moats and long growth runways.

• Passionate, founder-led management teams with significant ownership stakes.

• A proven ability to reinvest capital at high rates of return.

  
  

By 2018, we finally took action. We invested in Facebook and Spotify (which we still hold today), as well as initiated positions in Alibaba, Tencent, DocuSign, and Zillow. In hindsight, jumping into so many “new economy” names at once was aggressive—a more gradual approach might have been wiser. But it marked a pivotal shift in our philosophy.

Many of these investments weren’t just high-growth tech plays; they were the modern equivalents of Buffett’s old monopolies—built on digital platforms instead of physical infrastructure.

That realization changed our approach. The world changes, industries evolve, and investing frameworks must adapt. The ability to keep learning and questioning our assumptions has become one of our most important competitive advantages.

Lesson #4: The Art of Building a Position — Balancing Conviction and Prudence

Another hard-earned lesson during this period was learning how to build investment positions the right way—finding the balance between conviction and prudence. Earlier in our career, we made mistakes on both ends of the spectrum. Sometimes we’d identify a great business, do extensive research, build strong conviction… and then take only a 1–3% position—too small to make an impact even if we were right. Other times we’d put too much capital into a single idea too early—before the company had truly earned that level of trust.

Through experience, we learned that even if everything looks great on paper, time needs to confirm the thesis. If a business is truly exceptional, it will prove itself over the years. There’s no need to rush. The most prudent approach is to start with a meaningful but modest stake and let the company earn a larger place in the portfolio over time. If the business executes well, that initial stake will naturally grow into a core holding as the stock rises. If things don’t go as planned, a smaller position means any losses are manageable.

This approach also helped us overcome a psychological hurdle: the fear of “paying up” for quality. Some of the best investments we missed weren’t because we failed to spot a great company, but because we were waiting for a perfect price that never came. By starting with a modest position, we ensure we’re at least on board. If the stock pulls back later, we can always add more. If it takes off straight away, we’re already in the game rather than watching from the sidelines.

Another key realization was that the best portfolios tend to concentrate themselves over time. The winners naturally become a larger share as they grow, and the losers fade away. Early on, we felt the need to actively manage position sizes—trimming winners to “lock in gains” and averaging down on under-performers. Now we’ve learned to let great businesses earn their place. If a company is compounding value at an exceptional rate, why artificially cap its growth? It would be akin to asking Michael Jordan to swap places with someone else on the team because he has become so important to the game. 

Lesson #5: The Power of Saying NO — Finding Excellence and Letting It Compound

One of the most valuable lessons we learned during this period was the true power of long-term ownership. Compounding is incredibly powerful, but only if you allow it to work uninterrupted. The temptation to chase the next opportunity is always there—there’s always another stock that looks “cheap” or a new idea that seems exciting. Yet more often than not, the best move is to stick with what you have and do nothing.

Early on, we didn’t fully appreciate that. We operated with the mindset that we needed to constantly optimize our portfolio—always rotating capital into the next “better” idea. We learned the hard way that great businesses don’t need to be traded around; they need to be owned.

For instance, years ago we owned outstanding companies like Chipotle (CMG) and Tractor Supply Co. (TSCO)—businesses with durable advantages, strong management, and long growth runways. In hindsight, they’re exactly the kind of companies we aim to hold for decades now. But at the time, we convinced ourselves we’d found something even better at a more “attractive” valuation, and we sold them.

That was a mistake. Charlie Munger said it best:

Selling those businesses interrupted their compounding and ran counter to the long-term ownership mindset that now defines Rowan Street. Like most valuable lessons, we had to experience it firsthand to truly internalize it.

Over the years, we’ve realized that our edge isn’t in making frequent decisions—it’s in making fewer, but higher-quality ones, by being extremely selective in our approach.” In 2023, we made just one new investment (Adyen). In 2024, again just one. Both have significantly outperformed thus far. That’s not a coincidence; that’s the result of staying patient and saying “NO” to almost everything else.

Wall Street culture demands constant action, but the truth is that exceptional businesses are rare, and opportunities to buy them at sensible prices are even rarer. Our focus is simple: buy right and hold on. It sounds easy, but in practice it requires extreme patience, discipline, and conviction.

From these experiences we distilled a guiding principle: Find Excellence, Buy Excellence, Add to Excellence over time; Sell Mediocrity. In a lifetime of investing, a few extraordinary businesses held patiently will account for the majority of success. The key isn’t chasing the next idea—it’s sticking with the extraordinary ones you’ve already found.

July 2021 – December 2022: The Crucible that Defined Us

The 18 months from mid-2021 to the end of 2022 were, without question, the most brutal chapter of our investing career—and by extension, of Rowan Street’s journey.

The growth stocks that formed the core of our portfolio—the companies we had painstakingly selected and believed in—were absolutely crushed. It wasn’t a brief dip; it was a relentless, year-long collapse.

Markets have a cruel way of making even seasoned investors feel like idiots in the short term, and this episode was no exception. Our portfolio was filled with companies that were fundamentally strong, yet their stock prices told a very different story.

As pessimism spread like wildfire, growth stocks became pariahs in the market’s eyes. Valuations cratered. Sentiment turned brutal. It felt like we were fighting against an overwhelming tide—one that had drowned many before us and was threatening to drown us as well.

And then there was the psychological weight of it all. Unlike large fund managers who collect hefty fees regardless of performance, our compensation is 100% performance-based. If we didn’t recover, we weren’t going to see a paycheck for years—if ever. The uncertainty was suffocating.

But giving up was never an option.

When everything around you is screaming “capitulate,” conviction matters more than ever. Our singular focus in that period became very clear: rebuild the capital we’d lost for our investors. We doubled down on our process, leaned into the storm, and refused to flinch.

The Market Gave Up on Meta and Spotify — We Didn’t

At the depths of the selloff, some of our highest-conviction holdings were being completely abandoned by the market. Meta (formerly Facebook) was trading as if it were a failing business. By November 2022, Meta’s market cap had imploded by over $750 billion—three-quarters of its peak value erased. The narrative couldn’t have been more negative: the market was convinced that Zuckerberg’s metaverse vision was a multi-billion-dollar folly. Advertisers were pulling back, competition from TikTok was intensifying, and Meta’s stock was priced as if the business were in terminal decline.

But the fundamentals told a different story. Meta still had 3.7 billion users across its platforms (Facebook, Instagram, WhatsApp). It was generating tens of billions in free cash flow. And importantly, Zuckerberg responded to the crisis by aggressively cutting costs and refocusing on core business efficiency.

We even wrote a commentary at the time titled “Does a $750 Billion Decline in Meta’s Market Cap Make Sense?” to highlight the disconnect between perception and reality. Meta wasn’t broken; the market’s perception of it was. So we held our ground.

Spotify was another battleground. By mid-2022, Spotify’s stock had plummeted 80% from its highs, trading at levels that implied investors saw no profitable future for the company. Critics argued that Spotify had no pricing power and was at the mercy of the record labels. Its big investments in podcasting were derided as a $1+ billion mistake. In short, the market viewed Spotify as just another struggling tech name, not the dominant audio platform it actually is.

But we had done our homework. Spotify possesses one of the most powerful network effects in digital media. At the time, it had over 200 million paying subscribers and close to 500 million monthly users. Its margins were about to improve as it optimized content costs. And it had built a massive lead in the still-nascent audio advertising space. We wrote a commentary at the time titled: “Spotify (SPOT) is currently selling for about $15 billion.  Does this make any sense?”Again, the market saw decline where we saw opportunity. We held on.

The Hardest Decision: Do Nothing

When the world gives up on a great business, it’s easy to follow the herd. But that’s not how compounding works. Had we listened to the noise, given in to fear, tried to time the market, and sold Meta and Spotify at the bottom, we truly believe we wouldn’t be here telling this story today. Instead, we stuck to our process and continued owning our best ideas.

By the end of 2023, both Meta and Spotify had rebounded more than six-fold from their lows. This wasn’t luck. This was patience and conviction doing their work.

Why Did You Stick With It?

People often ask us: Why did you stick with it? Why go through three years with virtually no paycheck? The answer is simple: This is the only thing I’ve ever wanted to do.

Ever since I read The Warren Buffett Way as a 22-year-old, I knew this was my path. Rowan Street isn’t just a business venture—it’s my life’s work. That fire—that deep-seated belief in what we’re building—is why we’re still here. Now, as we mark our 10-year milestone, I can say with confidence: that crucible didn’t just test us, it defined us.

2023–2024: The Rebound – The Power of Staying the Course

If 2021–2022 was our greatest test, then 2023–2024 has been proof that patience pays. Our principles weren’t just theories on paper—they were battle-tested, and they won.

Recoveries never happen in a straight line, and 2023 was no exception. For much of that year, uncertainty remained high. Many of the same investors who panicked on the way down were hesitant to believe in the rebound. Doom-and-gloom headlines persisted, and plenty of skeptics insisted that the best days of growth investing were over.

But we held on to what we had always known: the businesses we owned were fundamentally sound. Meta slashed expenses and refocused on efficiency. Spotify proved it’s not just a beloved product—it can be a very profitable business too. Shopify streamlined its operations, cut costs, and returned to profitability. 

While sentiment was slow to catch up, these companies were getting fundamentally stronger. Eventually, the market noticed. By the end of 2023, our patience was dramatically rewarded:

• Rowan Street Capital: +102.6% net return for the year.

• Meta (META): +194% in 2023.

• Spotify (SPOT): +138%.

• The Trade Desk (TTD): +60%.

• Shopify (SHOP): +124%.

  
  

That momentum carried into 2024, as we continued compounding with a +56.6% net return. Our core holdings kept reaffirming their competitive positions and executing well.

But let’s be clear—was this the result of some brilliant macro call? Did we perfectly time the market? Do we have some special insight into the Fed’s next move or the direction of the economy? Absolutely not.

Our success wasn’t about forecasting—it was about discipline. We did exactly what we said we would do:

• We stuck with the businesses we believe in.

• We tuned out the noise.

• We let compounding do the heavy lifting.

  
  

That’s it. No magic formula, no market predictions—just patience, conviction, and time doing its work.

It turns out that the hardest thing to do in investing—staying still while the world around you is panicking—is also the most profitable thing you can do.

In 2022, when the world was telling us to run for the exits, we stayed put. It wasn’t easy (it never is), but in hindsight, the greatest returns often emerge from the moments of greatest doubt. The best opportunities usually feel uncomfortable in real time, but they look obvious in hindsight. This is why we keep our fund concentrated. It’s why we say ’NO’ to almost everything. It’s why we don’t let macro predictions dictate our decisions. And it’s why, when the next bear market inevitably comes, we won’t flinch.

The businesses we own today are stronger and more profitable than they were three years ago. They’re still led by exceptional management teams. They still have massive opportunities ahead of them. And they’re still compounding value at a rate that makes any short-term price decline nothing more than a footnote in their long-term story.

Looking Ahead: The Next Chapter of Rowan Street

As we reflect on the past decade, one thing is abundantly clear: investing is a lifelong journey. It’s not about one great year, or even a great decade—it’s about the ability to learn, adapt, and evolve over a lifetime. The best businesses compound over decades. The best investors do, too.

Our journey so far has reinforced what we’ve always believed: patience, discipline, and long-term ownership are true game-changers in this business. We’ve weathered cycles of euphoria and despair, learned from our missteps, and strengthened our investment process along the way. What has never changed is our unwavering commitment to compounding our capital alongside our investors – we’ve always had our own money in the fund, right next to yours. We will always be in the same boat.

We are profoundly grateful to our partners—both old and new—who have entrusted us with their capital and shared our vision. It takes a rare kind of investor to stick with a long-term strategy when the market tempts you every day with short-term noise. Your trust and patience have allowed us to do what we do best: focus on the long term, ignore the distractions, and invest in truly exceptional businesses.

Looking ahead, we feel more confident than ever about the road before us. The principles that guided us through the highs and lows of the past ten years will continue to serve as our foundation for the next ten and beyond.

What Investors Can Expect from Rowan Street

After a decade of managing capital through all kinds of market environments, we have a deep understanding of what we are good at—and what we are not. At the risk of sounding redundant,

• We have no edge in predicting the economy, the Fed’s next move, or the stock market’s short-term direction.

• We’re not adept at calling exact market bottoms or tops.

• We don’t trade frantically, nor do we use leverage, options, shorting, or complex hedges to try to time the market.

• We don’t rotate between sectors or chase whatever’s “hot” at the moment.

  
  

Where we do have an edge is in identifying greatness. Our strength lies in recognizing exceptional businesses run by exceptional owner-operators, buying them at fair prices, and then getting out of their way to let time and compounding work their magic. We are very good at being patient, being disciplined, and saying ‘NO’ to almost everything that doesn’t fit our very strict investment criteria.

Wall Street analysts are incredibly smart—many can build more elaborate models or have deeper knowledge of minutiae. But we understand something they sometimes overlook: human nature. Investing isn’t just about numbers; it’s about temperament. It’s about having the discipline to hold onto great businesses when others are panic-selling, and the restraint to ignore the hype when greed is running wild. As Buffett once said:

We don’t consider ourselves the smartest investors in the room. We just try to be consistently not stupid. We’ve spent years refining our decision-making framework, and we trust it. That’s why we can remain greedy when others are fearful, and fearful when others are greedy. After all, we’ve always been wired that way.

The Next 10 Years

Our goal remains unchanged: to build enduring wealth by compounding value over the long term, hand-in-hand with you. We will continue to do what we’ve always done—find great businesses, buy them at fair prices, and let time do the rest. It’s not flashy. It’s not easy. And at times, it can feel excruciatingly slow. But it works.

As we begin the next decade of Rowan Street, we believe we’re entering a period that could offer some of the most attractive opportunities we’ve seen in years. With fear once again gripping the markets, many exceptional businesses are trading at prices that, in our view, significantly undervalue their long-term potential. These are the moments when our approach shines—when patience, discipline, and a willingness to go against the crowd can really pay off.

For those who share our long-term mindset and believe in the power of compounding, we invite you to stay the course—or consider joining us on this journey.

The best is yet to come.

Warm regards,

Alex & Joe

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DISCLOSURES

The information contained in this letter is provided for informational purposes only, is not complete, and does not contain certain material information about our fund, including important disclosures relating to the risks, fees, expenses, liquidity restrictions and other terms of investing, and is subject to change without notice. The information contained herein does not take into account the particular investment objective or financial or other circumstances of any individual investor. An investment in our fund is suitable only for qualified investors that fully understand the risks of such an investment. An investor should review thoroughly with his or her adviser the funds definitive private placement memorandum before making an investment determination. Rowan Street is not acting as an investment adviser or otherwise making any recommendation as to an investor’s decision to invest in our funds. This document does not constitute an offer of investment advisory services by Rowan Street, nor an offering of limited partnership interests our fund; any such offering will be made solely pursuant to the fund’s private placement memorandum. An investment in our fund will be subject to a variety of risks (which are described in the fund’s definitive private placement memorandum), and there can be no assurance that the fund’s investment objective will be met or that the fund will achieve results comparable to those described in this letter, or that the fund will make any profit or will be able to avoid incurring losses. As with any investment vehicle, past performance cannot ensure any level of future results. IF applicable, fund performance information gives effect to any investments made by the fund in certain public offerings, participation in which may be restricted with respect to certain investors. As a result, performance for the specified periods with respect to any such restricted investors may differ materially from the performance of the fund. All performance information for the fund is stated net of all fees and expenses, reinvestment of interest and dividends and include allocation for incentive interest and have not been audited (except for certain year end numbers). The methodology used to determine the Top 5 holdings is the largest portfolio positions by weight. The top 5 do not reflect all fund positions. The Top 5 can and will vary at any given point and there is no guarantee the fund will meet any specific level of performance. Net returns presented are net of fund expenses and pro-forma performance fees. Rowan Street Capital does not charge fixed management fees.