Cavallini Capital 2023 Semi-Annual Letter to Investors

Striving to Consistently Outpace The S&P 500 Index

0% Management Fee, Performance Fee Only

1/1/2023 – 6/30/2023

Cavallini Capital LLP.

Greg Cavallini

5445 DTC Parkway, PH 4.

Greenwood Village, Colorado 80111

Results January 1, 2023 to June 30, 2023

Cavallini Capital, including dividends reinvested (hereinafter call CC) had a positive return, Please contact Greg at greg@cavallinicapital.com for results. The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had a positive return of 16.89%

Cavallini Capital 2022 Annual Letter to Investors

Striving to Consistently Outpace The S&P 500 Index

0% Management Fee, Performance Fee Only

1/1/2022 – 12/31/2022

2022 Annual Letter to Limited Partners

Cavallini Capital LLP.

Greg Cavallini

5445 DTC Parkway, PH 4.

Greenwood Village, Colorado 80111

Results January 1, 2022 to December 31, 2022

Cavallini Capital, including dividends reinvested (hereinafter call CC) had a negative return, Please contact Greg at greg@cavallinicapital.com for results. The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had a negative return of 18.10%

Striving to Consistently Outpace The S&P 500 Index

0% Management Fee, Performance Fee Only

1/1/2022 – 6/30/2022

Semi-Annual Letter to Limited Partners

Cavallini Capital LLP.

Greg Cavallini

5445 DTC Parkway, PH 4.

Greenwood Village, Colorado 80111

Results January 1, 2022 to June 30, 2022

Cavallini Capital, including dividends reinvested (hereinafter call CC) had a negative return, Please contact Greg at greg@cavallinicapital.com for results. The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had a negative return of 19.95%.

Striving to Consistently Outpace the S&P 500 Index

0% Management Fee, Performance Fee Only

1/1/2021 – 12/31/2021

Annual Letter to Limited Partners

Cavallini Capital LLP.

Greg Cavallini

350 S. Miami Ave. Miami, FL 33130

Results January 1, 2021 to December 31, 2021

Cavallini Capital, including dividends reinvested (hereinafter call CC) had a positive return. Please contact Greg at greg@cavallinicapital.com for results. The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had an overall gain of 28.72%.

Striving to Consistently Outpace The S&P 500 Index

0% Management Fee, Performance Fee Only.

Results July 1, 2020 to June 30, 2021

Cavallini Capital, including dividends reinvested (hereinafter called CC) had an overall gain of 37.91% from 7/1/20 to 6/30/21. The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had an overall gain of 40.81% from 7/1/20 to 6/30/21.

Striving to Consistently Outpace The S&P 500 Index

0% Management Fee, Performance Fee Only.

Results July 1, 2020 to December 31, 2020

Cavallini Capital, including dividends reinvested (hereinafter called CC) had an overall gain of 21.89% from 7/1/20 to 12/31/20. The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had an overall gain of 22.18% from 7/1/20 to 12/31/20.

Striving to Consistently Outpace The S&P 500 Index

0% Management Fee, Performance Fee Only.

Results in Fiscal Year 2020

Cavallini Capital including dividends reinvested, (hereinafter called CC) had an overall gain of 28.03% during the fiscal year. The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had an overall gain of 7.52% during the fiscal year.

Striving to Consistently Outpace The S&P 500 Index

0% Management Fee, Performance Fee Only.

Results July 1, 2019 to December 31, 2019

The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had an overall gain of 10.94% in the first 6 months of the fiscal year. Cavallini Capital including dividends reinvested (hereinafter called CC) had an overall gain of 16.52% in the first 6 months of the fiscal year.

Striving to Consistently Outpace The S&P 500 Index

0% Management Fee, Performance Fee Only.

Results in Fiscal Year 2019

The S&P 500 Index including dividends reinvested (hereinafter called the S&P) had an overall gain of 10.42%. Cavallini Capital including dividends reinvested (hereinafter called CC) had an overall gain of 5.09%.