Looking Back and Looking Forward Over the past 20 years Amherst Fund has made a multitude of venture capital and private equity investments in companies across many sectors and stages. Since 2003 our fund has achieved an IRR of nearly 25%, which is in the top quartile of venture capital fund returns and is a multiple of ordinary stock market returns for that period. We’re proud of this performance and are grateful to all of the entrepreneurs, partners, and professional service providers who’ve contributed to this success. Thank you! Though Amherst Fund has largely exited its control investments, we continue to manage our remaining investments, including non-control positions in certain growth companies. Our strategic decision to exit our control investments means that we are not currently considering new investments in privately held ventures. We are taking advantage of this natural pause to consider the future, both for the fund and for us professionally. Matt Turner, CEO, and Jonathan Martin, Managing Director, continue in their roles managing the fund’s assets while considering the next chapter in their professional lives. As we enter 2023, we face a noisy, even chaotic, investment landscape. Until clarity emerges, we will conserve our capital for the future.