Market Commentary- Q2 2021

Performance overview:

• Strategy up 1.83% (share class A Eur)

Portfolio changes:

• One new name entered the portfolio and three names were sold

Market environment & Outlook:

• The reflation trade is under pressure
• European equities remain attractively valued relative to the US.
• We continue to look for high quality businesses with sustainable of cash flow generation, while being extremely careful on what price we pay for them.
• Median margin of safety of portfolio is 36%
• 5% cash left to seize new investment opportunities