- During the second quarter of 2023, the Memnon Opportunities Strategy (the “Portfolio”) returned 1.9% gross of fees. The MSCI EUROPE MID CAP TR net (the “MSCI Europe MID”) returned -0.7% and the MSCI EUROPE TR net (the “MSCI Europe”) returned 2.3%.
- Holdings in the cyclical and defensive sectors contributed the most positively to Portfolio returns during the first quarter while holding the in the growth segment contributed somewhat negatively.
- The Portfolio remains very concentrated with 21 names, with top 10 positions making up 57% of the portfolio.
- The Portfolio’s 12-month forward P/E ratio is currently 10.1x.
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