2026 - H1 Letter to Shareholders

Dear Investors,

The JP Owner-Operators Fund releases its 2026 H1 Letter to Shareholders, which you can find attached to this bulletin or in the website's Insights section.

The letter covers business developments in our portfolio, provides a detailed exposition on our contrarian investment in Frontier Group Holdings, and addresses the question of how we find great investments.

Yours,

John Putzfeld