ZADIG MANAGED ACCOUNTS 4Q22 REPORT

• During the fourth quarter of 2022, the Zadig Managed Accounts Strategy (the “Portfolio”) returned 13.5% gross of fees. The MSCI EUROPE ex UK TR net (the “MSCI Europe ex UK”) returned 10.2% and the MSCI EUROPE TR net (the “MSCI Europe”) returned 9.5%.
• The Portfolio remains concentrated with 15 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-month forward P/E ratio is currently 9.8x vs 12.6x for the MSCI EUROPE ex UK.
• During the quarter, we initiated positions in…

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