MEMNON EUROPEAN 3Q21 REPORT

During the third quarter of 2021, the Memnon European Equity Strategy (the “Portfolio”) returned -1.1% gross of fees. The MSCI EUROPE ex UK TR net (the “MSCI Europe ex UK”) returned +0.4% and the MSCI EUROPE TR net (the “MSCI Europe”) returned +0.7%.
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’s 12 months forward P/E ratio is currently 12.9x vs 16.3x for the MSCI EUROPE ex UK.
During the quarter, we initiated positions in…