Appendix
Curreen Capital Investments
Positions larger than 5% of the fund
Advance Auto Parts (AAP)
Advance Auto Parts is a retailer of replacement automotive parts and supplies. These include batteries, windshield wipers and fluid, air filters, motor oil, etc. The company has historically earned decent (approaching 20%) returns on tangible capital. The company is attempting a turnaround, and has fixed its balance sheet and is improving operations. Advance Auto currently trades at an attractive upside-to-downside ratio.
Fortrea (FTRE)
Fortrea helps its biotech and pharmaceutical customers run clinical trials with the goal of winning approval to sell new treatments in the U.S. and other countries. Fortrea helps design the trials, recruit investigators and participants, prepare data for review by regulators, and perform other tasks needed to win that approval. The company spun out of Labcorp in June 2023, and is attempting to turn around the business. Fortrea currently trades at an attractive upside-to-downside ratio.
Frontdoor (FTDR)
Frontdoor sells home service plans to homeowners. The company signs on HVAC and other contractors and dispatches them when customers have problems with one of their major home appliances or systems (furnace, air conditioning, refrigerator, electrical system, etc.). Frontdoor spun out of ServiceMaster in October 2018. Frontdoor serves about 2% of U.S. homes, and uses its free cash flow to grow organically, pay down debt, repurchase shares, and acquire complementary businesses.
GetBusy (GETB:GB)
GetBusy provides online document exchange systems, primarily for accountants. GetBusy spun out of Reckon in August 2017, and has continued to grow since then. GetBusy does not earn money, investing through higher expenses to grow its existing businesses and attempting to launch new products. The underlying businesses are profitable and sustainable in the U.K. and U.S. GetBusy currently trades at an attractive upside-to-downside ratio.
TriNet (TNET)
TriNet provides health insurance, payroll, and retirement accounts to small and mid-sized businesses. The company has weathered a period of hard-to-predict medical costs, and is returning to its norm as a high-return-on-capital business that grows with health care costs. TriNet currently trades at an attractive upside-to-downside ratio.
VF Corp (VFC)
VF Corp manages apparel brands, including The North Face, Timberland, and Vans. The company has fixed its balance sheet, improved capital allocation, and rebuilt its management team in an effort to return the business to growth. I believe that the company has good brands, the skills to manage them well, and a management team that can handle the challenges that the company faces. VF Corp currently trades at an attractive upside-to-downside ratio.
DISCLAIMER
The information contained herein regarding Curreen Capital Partners, LP (the “Fund”) is confidential and proprietary and is intended only for use by the recipient. The information and opinions expressed herein are as of the date appearing in this material only, are not complete, are subject to change without prior notice, and do not contain material information regarding the Fund, including specific information relating to an investment in the Fund and related important risk disclosures. This document is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy any interests in the Fund. If any offer is made, it shall be pursuant to a definitive Private Placement Memorandum prepared by or on behalf of the Fund which contains detailed information concerning the investment terms and the risks, fees and expenses associated with an investment in the Fund.
An investment in the Fund is speculative and may involve substantial investment and other risks. Such risks may include, without limitation, risk of adverse or unanticipated market developments, risk of counterparty or issuer default, and risk of illiquidity. The performance results of the Fund can be volatile. No representation is made that the General Partner’s or the Fund’s risk management process or investment objectives will or are likely to be achieved or successful or that the Fund or any investment will make any profit or will not sustain losses.
Unless otherwise stated, the performance information contained herein is for the Fund and is net of a 1.50% annual asset-based management fee and a 20% annual profit-based performance allocation. As with any hedge fund, the past performance of the Fund is no indication of future results. Actual returns for each investor in the Fund may differ due to the timing of investments. 2013–2025 returns were prepared based on audited financial statements, and 2026 performance information contained herein has not yet been independently audited or verified. While the data contained herein has been prepared from information that Curreen Capital GP, LLC, the general partner of the Fund (the “General Partner”), believes to be reliable, the General Partner does not warrant the accuracy or completeness of such information.
