MEMNON OPPORTUNITIES 4Q20 REPORT

During the fourth quarter of 2020, since inception of the strategy on 18^th November 2020, the Memnon Opportunities Strategy (the “Portfolio”) returned 5.7% gross of fees. The MSCI EUROPE TR net (the “MSCI Europe”) returned 2.1% and the MSCI EUROPE MID CAP TR net (the “MSCI Europe MID”) returned 4.0%.
Holdings in the cyclical sectors contributed the most to Portfolio returns during the fourth quarter together with Growth.
During the quarter, we built a concentrated portfolio of 19 names with top 5 positions being Ipsen, Semapa, ASTM, BNP and Rheinmetall being 36% of the portfolio.
The Portfolio shows a marked bias towards small & mid caps, and consistent with an opportunistic approach, it is currently tilted towards cyclical and value factors. The Portfolio’s 12 month forward P/E ratio is currently 13.2x.