5 April 2021

MEMNON EUROPEAN 1Q21 REPORT

  • During the first quarter of 2021, the Memnon European Equity Strategy (the “Portfolio”) returned 9.2% gross of fees. The MSCI EUROPE ex UK TR net (the “MSCI Europe ex UK”) returned 7.7% and the MSCI EUROPE TR net (the “MSCI Europe”) returned 8.4%.
  • Holdings in the cyclical and defensive sectors contributed the most to Portfolio returns during the fourth quarter while holdings in the growth sector contributed negatively.
  • During the quarter, we initiated positions in Deutsche Post, Deutsche Boerse, Total, UCB and JDE Peet’s and exited our positions in the following companies: AP Moeller Maersk, Homeserve, Aalberts, Roche and Sodexo.
  • The Portfolio remains concentrated with 21 holdings. It is well balanced across cyclical, defensive and growth names and is exposed to various companies which we think offer attractive risk return profiles. The Portfolio 12 month forward P/E ratio is currently 16.9x

MEMNON EUROPEAN 1Q21 REPORT

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