MEMNON OPPORTUNITIES 1Q21 REPORT

During the first quarter of 2021, the Memnon Opportunities Strategy (the “Portfolio”) returned 14.3% gross of fees. The MSCI EUROPE TR net (the “MSCI Europe”) returned 8.4% and the MSCI EUROPE MID CAP TR net (the “MSCI Europe MID”) returned 7.2%.
Holdings in the cyclical sectors contributed the most to Portfolio returns during the first quarter together with Growth and Defensive names. M&A was a significant theme in the first quarter with 3 holdings involved in takeover situations.
The Portfolio remains very concentrated with 19 names, top 5 positions being Clinigen, Bic, Lumibird, Rheinmetall and Ipsen making up 34% 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 13.5x