Echelon Partners LP 1Q17 Summary

Following up on our year-end report, not much has changed during the first quarter of 2017, as the operational execution of our portfolio companies, inclusive of the top three positions, have continued their strong performance. Two of the top three positions, Sunlink and The Vietnam Azalea Fund experienced upticks in value during the quarter, driving the bit of performance we experienced; the fund was up 1.2% in 1Q17. The remainder of the portfolio stayed flat, as many positions are in private securities not experiencing events during the quarter, thereby there were no significant drivers of performance otherwise. As we have noted in the past, the underlying growth of the companies in the portfolio remains robust, which is the primary tenant we look for in monitoring our investments. Our goal is to build value in our positions through fundamental performance at the company level, which will eventually be realized in our investment performance over time.

A number of companies in our portfolio received positive press during the quarter, with a couple links below for your perusal. While press is a fleeting indicator of progress, these articles point to emerging leadership among our portfolio companies in their respective market segments.

Sunlink: CEO Michael Maulick elected Vice Chairman of the Solar Energy Industries Association, a primary trade group for the solar industry.

Lighter Capital: Great summary in the Puget Sound Business Journal on the company and its business model.

We hope you are enjoying the start of summer! Feel free to call us anytime with thoughts or questions about our portfolio, we can be reached at 206-489-0400.

Robert J. Martin | Echelon Capital LLC | 206.489.0400