mayar fund ltd...2020/07/06 · mayar fund class a (initial series) - since inception value of...
TRANSCRIPT
Q2 2020MAYAR FUND LTD
LETTER TO PARTNERS
Cover Image: Sunflowers symbolize longevity, loyalty, and
good fortune
Fun Fact: The pattern of seeds in a sunflower follows the
Fibonacci sequence
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Table of Contents
Our Partnership Principles 5
Our Strategy 6
Investment Process 7
Performance History 8
Letter from the Managing Director 10
Asset Allocation 14
About Mayar Fund and Mayar Capital 17
5
Our Partnership Principles
We will communicate with you regularly and in
a straightforward manner. We will not sugarcoat
or exaggerate the truth. We will never promise
what we cannot deliver.
We will continue to keep a substantial percentage
of our net worth invested along your side, as
have many of our family members and friends.
Rest assured that our interests are aligned with
yours.
We will strive to manage your capital to maximize
long-term results and will gladly accept
“bumpier” short-term results to achieve them.
We will look at risk before return and will ignore
high-risk opportunities regardless of potential
payoffs.
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Our Strategy
We invest globally in great businesses that have durable economic moats, favorable customer economics, consistent financial results, high and stable returns on capital, strong cash flow generation, and attractive capital redeployment opportunities.
We do that by buying securities of great companies with able and shareholder-oriented managements, a conservative capital structure, and a strong track record of rational capital allocation.
We pay reasonable prices for these securities, giving us a margin of safety on our investment, and we place significant amounts of our capital into such rare opportunities and continue to own such companies as long as these conditions are satisfied.
We are patient and disciplined. We don’t view ourselves as investing in little pieces of paper that trade in markets. Behind every stock there is a real business and we, the shareholders, collectively own that business. This mental framework drives our decision-making process. Many in the investment field call us value investors, we call ourselves businesspeople.
Most of the time, the successful execution of our strategy requires us to act against the crowd. Or, in the words of Warren Buffett: “Be fearful when others are greedy. Be greedy when others are fearful.” Our edge over other market participants is in having a much longer investment horizon, better temperament, and the investment discipline to stay the course, especially in down and volatile markets.
Great Business
> Customer Economics
> Consistent
> High ROIC
> Cash Conversion
> Redeployment
Great Company
> Management
> Capital Structure
> Capital Allocation
Great Value
Intri
nsic
Val
ue
Mar
ket P
rice
Margin of Safety
6
Intrinsic ValueRange of Values
Position SizeRisk vs returnDiversification
Investment Process
PROPRIETARY CHECKLIST-BASED SCORING SYSTEM
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Killing the Idea
UnderstandableEthical
Red FlagsQuantitative& Qualitative
The Deep Dive
Evaluate the Moat, Industry, Management, Financials, Prospects
Valuation & Portfolio
Daily News, Company Filings, Portfolio prices
QuarterlyFinancials,Checklist, Valuation
Regular Monitoring
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May-11
Aug-11
Feb-12
Aug-12
Aug-15
May-16
May-17
Nov-17
Nov-18
Feb-18
Nov-11
May-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Nov-15
Feb-16
Aug-16
Nov-16
Feb-17
Aug-17
May-18
Aug-18
Feb-19
May-19
Aug-19
Nov-19
Feb-20
May-20
15
-
45
105
90
75
30
60
Millions
May-11
Nov-11
May-12
Nov-12
May-13
Nov-13
May-14
Nov-14
May-15
Nov-15
May-16
Nov-16
May-17
Nov-17
May-18
Nov-18
May-19
Nov-19
120
May-20
9.53%7.75%
8%
6%
4%
2%
10%
Firm AUM*Annualized Performance
MSCI World IndexMayar Fund (net)
Mayar Fund - Class A
MSCI World Index Net TR *Firm AUM is a combination of the AUM of the fund and managed accounts
Performance HistoryMayar Fund Class A (Initial Series) - Since Inception
Value of $100,000 invested
A NM M A N F A N
$229,556
$197,640
$114
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
$220,000
$240,000
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Cumulative Performance
Class A Class B
Fund (net), % MSCI World, % Fund (net), % MSCI World, % MTD 2.04 2.65 2.08 2.65
QTD 19.45 19.36 19.60 19.36
YTD -4.11 -5.77 -3.87 -5.77
1 Year 5.11 2.84 5.63 2.84
3 Years 27.46 21.48 29.37 21.48
5 Years 51.77 39.59
7 Years 84.55 75.64
Since Inception 129.56 97.64 31.46 24.52
Annual Performance
Class A Class B
Fund (net), % MSCI World, % Fund (net), % MSCI World, % 2011* -1.93 -10.40
2012 13.37 15.83
2013 26.91 26.68
2014 5.68 4.94
2015 1.33 -0.87
2016 7.64 7.51
2017 18.73 22.40 9.20 13.39
2018 -0.56 -8.71 -0.06 -8.71
2019 24.67 27.67 25.30 27.67
2020 -4.11 -5.77 -3.87 -5.77
Performance Statistics (Class A, Since Inception)
Class A Class B Class A Class B
ANNUALIZED ALPHA 2.75 2.56 ANNUALIZED VOLATILITY 12.03 14.12
SHARPE RATIO 0.82 0.69 BETA 0.85 0.87
TREYNOR RATIO 11.17 10.33 R-SQUARED 0.91 0.93
INFORMATION RATIO 0.42 0.44 UPSIDE CAPTURE RATIO 93.06 90.84
SORTINO RATIO 1.16 0.88 DOWNSIDE CAPTURE RATIO 78.21 77.05
TRACKING ERROR 4.26 4.21
*Calendar year 2011 is a partial year starting May 15
10
Letter from the Managing Director
For the three months ending June 30, 2020, Mayar Fund (Class A) returned 19.5% net of all expenses and fees while the MSCI World Index increased by 19.4% Since its inception in May 2011, Mayar Fund is up 129.6% net versus a 97.6% increase for the MSCI. That corresponds to a 9.5% annualized rate of return for Mayar Fund, compared to 7.7% for the MSCI.
I write to you today from our office in Clerkenwell on my first day back after working from home for the past four months. And what a four months it has been!
It was one of the most, if not the most, intense and exhausting period of my professional career both intellectually and emotionally. I’m sure many of you feel the same.
While the Great Financial Crisis of 2008-2009 was also emotionally draining because it kept dragging on and on without an end in sight, I think an important difference this time around is the amount of information we are regularly bombarded with on our smartphones. The never-ending alerts and notifications make it difficult to disconnect. They make it very hard to see the forest for the trees.
Restaurant kitchens are one of the most intense work environments. I experienced that first-hand many years ago when I managed a restaurant company in Saudi Arabia. One of the things you learn when you work in a busy restaurant kitchen is how to tune out the noise all around you and focus on the task at hand. Among all the yelling, machine noises, and visual distractions, there are clear “signals” that you need to listen for that are key to performing the job at whichever kitchen station you happen to be at. Investing is, in many ways, similar. The past few months have been an extreme example of that.
Most of what we read, see, and hear every day as investors is pure noise that adds no value to what we do. So, while the challenge for previous generations of investors may have been finding enough information, the challenge for our generation is controlling
Our Performance
General Commentary
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the fire hose of information that we get hit with every moment of every day. It is filtering out the signal from the noise.
In a crisis, horizons shrink to an extremely short period for many people. Investors, policymakers, and individuals ignore the future almost completely and fixate on the here and now. Survival becomes an overwhelming concern.
But while survival is no doubt important — there’s no future without it — the future still matters a lot when making most decisions. And it is in these shrinking-horizon market environments that attractive long-term investment opportunities are born.
Because we’ve already done our homework and have identified many great businesses that we want to own, all we had to do in the midst of the panic in March and April was to ask ourselves the only two remaining questions that matter: 1) will this company survive until the crisis is over? and 2) will it be worth a lot more in five years than it’s selling for right now? If the answer to both is yes, then our job is to tune out the noise, focus on the long run, and take advantage of these opportunities. The March-April period was our most active period since inception.
Now, let us turn to the elephant in the room; the US stock market recovery! The S&P 500 is now within 5 or 6% of its record high in February, right before this pandemic started spreading around the world. Nasdaq is at a record high, around 5 or 6% above it’s February highs. With COVID-19 cases still rising in many US states, unemployment near record highs, and the economy starting to recover but still well below where it was in February, one has to wonder why is it that the US market has fully recovered? Why is the stock market so disconnected from what’s happening in the real economy?
I’ve been thinking about this question a lot over the past few weeks and I have a few ideas that could help explain things. Please do take them with a grain of salt as talking about the overall market is not my core competency. I usually shy away from these discussions, but many of you have been individually asking me about my opinion over the past few weeks and I think it’s only fair that I share my thoughts on the matter with all of you.
1. Let me start by saying that the stock market never has and really shouldn’t represent the current economy. Stocks represent “claims” on companies’ future earnings (more technically, free cash flows) from now until Judgement Day. What happens in any one quarter or year doesn’t matter that much in calculating the total value of these claims. When a stock goes down on bad news it’s because investors expect that the bad news would cause a permanent reduction in future cash flows. Therefore, one potential explanation for the market’s current levels is the outlook for the earnings power of US Corporations over the next 20 or 30 years hasn’t changed by much since February.
2. Another factor to consider is the general level of interest rates. If you lend your
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money for ten years to the US government today, you will get paid a fixed 0.65% per annum in interest. If you buy Microsoft shares on the other hand, Microsoft will pay you 1% in dividends this year and this dividend will probably grow over time. Back in February lending money to the US government earned you double the current interest rate so the attractiveness of Microsoft’s 1% dividend relative to lending money to the government has changed substantially. This means that holding everything else equal, the same stock is worth more today than it was in February. In fact, it might still be worth more even if the company’s outlook for the next 20-30 years has deteriorated. You can see this effect very clearly in the performance of stable dividend paying companies such as consumer staples.
3. The third factor to consider is that a big chunk of the S&P 500’s recovery has been driven by the performance of a handful of companies. The top five companies (Microsoft, Apple, Amazon, Facebook and Alphabet) now constitute 22% of the index and have driven an even higher percentage of the index’s performance. The index’s performance does not reflect the performance of the average stock or even most stocks. If we look at the S&P 500 equal-weighted index (which still includes those 5 technology names, just without the concentration in weight), we find that it’s sitting 14% below its February highs. You see a similar picture if you look at other US indices such as the Russell 2000, which is down 15%. For the same reason, European indices which don’t have heavy technology weights are significantly below their highs with the MSCI Europe down 16% and the FTSE 100 down 20%.
4. The question then becomes, are those technology names extremely expensive? Are we seeing a new tech bubble? In principle, I’m far more inclined to accept that a handful of stocks are mispriced than accept that all or most stocks are. The market is right on most things, most of the time. But there are also reasons to believe that the market could be right about pricing those tech stocks as well. They have proven to be resilient, they continue to grow when most companies struggle, and they produce prodigious amounts of cash flows that are now being discounted at much lower rates, as I’ve mentioned in #2 above. So, while I think the market is likely mispricing these technology names, I’m willing to accept that there’s a good chance that I’m wrong. Time will tell.
5. Governments around the world have provided and continue to provide unprecedented amounts of fiscal stimulus. Unlike monetary stimulus which I think is not always effective, fiscal spending is going directly into the real economy and helping offset some of the decline in demand caused by the pandemic. This should be factored in by investors because it will help speed-up the recovery, and we’re already starting to see some of evidence of that.
You will notice that I failed to mention the effects of “liquidity” coming from central banks in the above discussion. That’s because I think counting it as another factor would be redundant. Fundamentally, I think monetary stimulus would have its most
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Our Portfolio
pronounced effect in the factors mentioned in #2 and #4 above.
In summary, I think most stocks are currently trading near their fair value. Some might be overpriced and in certain cases egregiously so. A tiny minority, mostly outside the US, still present attractive buying opportunities.
During the quarter, we increased our investment in homebuilders, adding to our positions in Toll Brothers, Redrow, Vistry, and initiated a new position in UK homebuilder Taylor Wimpey. We also increased our investment in SAP and Booking Holdings.
We trimmed our investments in Alphabet, LabCorp and Visa and we fully exited our investments in Dunelm and Microsoft. All for valuation reasons.
I would like to welcome the newest member of our team, Stefan Dawidowski, who joined us as Chief Operating Officer on June 1st. Stefan has extensive operations experience, having worked in investment banks and the alternative asset management industry for the past twenty years. He joins Mayar Capital from ALMA Capital Management Luxembourg where he set up the Investment Management function and served as a CSSF regulated Conducting Officer. Prior to this, for nine years Stefan was Head of Operations and Trade Flow Technology for Eikoh Research Investment Management, an FCA-regulated Japanese equity hedge fund. He has also worked for Altima Partners LLP, Deutsche Bank in London and Singapore, and for BNP Paribas in London.
I would also like to welcome several new partners that have invested in this quarter. All have been recommended to us by existing partners who remain our preferred way of finding like-minded investors. We remain open to new investors who share our ethical values and investment philosophy.
We ended the quarter with $114.4m in Assets Under Management (AUM) at Mayar Capital, a new record.
As always, I remain available if you have any questions or thoughts.
Best regards,
Abdulaziz A. Alnaim, CFA
Managing Director
July 7, 2020
The Fund and the Company
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Brenntag
Vestas
Lab Corp of America
UPS
Alphabet
Asset AllocationTen Largest Positions
Company Name % Industry Country of Listing
United Parcel Service 7.45 Transportation United States
Vestas Wind Systems 6.82 Capital Goods Denmark
Samsung Electronics 5.98 Tech Hardw & Equip South Korea
Johnson & Johnson 5.64 Pharm & Biotech United States
Unilever 5.10 HH & Personal Prod United Kingdom
Alphabet 4.93 Media & Entertainment United States
Brenntag 4.75 Capital Goods Germany
Henkel 4.40 HH & Personal Prod Germany
Laboratory Corp of America 4.19 Healthcare Equipment & Service United States
Discovery 3.83 Media & Entertainment United States
Total 53.10
Top Contributors to Losses (%)Top Contributors to Gains (%)
1.71
1.81
1.31
1.52
1.43
1.27Dunelm
PZ Cussons -0.17
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North America 47%
Europe 32%
Asia 11%
Other 6%
Cash 4%
41% North America
32% Europe
11% Asia
10% Cash
5% Other
Portfolio (by revenue)
Portfolio (by listing)
Portfolio (by country of listing)
North America 53%
Europe 37%
Asia 6%
Cash 4%
United States 53%
United Kingdom 17%
Germany 10%
Denmark 7%
South Korea 6%
Cash 4%
Switzerland 4%
45% North America
38% Europe
10% Cash
6% Asia
45% United States
15% United Kingdom
12% Germany
10% Cash
6% Denmark
5% South Korea
3% Switzerland
Last Quarter This Quarter
Portfolio(by industry)
Last Quarter
Portfolio(by industry)
This Quarter
17% Capital Goods 14% Software & Services 10% Cash 10% Household & Personal Products 9% Media
8% Retailing 8% Pharmaceuticals & Life Sciences 8% Consumer Durables & Apparel 7% Transportation
6% Technology Hardware & Equipment 4% Health Care Equipment & Services
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18% Capital Goods 14% Software & Services 13% Media 13% Household & Personal Products 7% Retailing
7% Transportation 6% Technology Hardware & Equipment 6% Consumer Durables & Apparel
6% Pharmaceuricals & Life Sciences 5% Health Care Equipment & Services 4% Cash
About Mayar Fund and Mayar Capital
Mayar Fund Ltd. (the “Fund”) was incorporated as an Exempted Limited Liability Company under the Laws of the Cayman Islands on March 7th, 2011 and commenced operations on May 16th, 2011. The Fund registered under the Mutual Funds Law of the Cayman Islands on May 3rd, 2011 and was converted into an administered mutual fund on January 23rd, 2017. The principal and registered office of the Fund is located in the Cayman Islands.
The principal activity of the Fund is to carry out the business of an investment fund. The Fund’s principal investment objective is to achieve long-term growth of capital by investing in equities and other securities to generate satisfactory risk-adjusted returns over the long term.
The investment activities of the Fund are managed by Mayar Capital Management Ltd. (the “Manager”) and the administration of the Fund is delegated to Apex Fund Services Bahrain WLL.
The Investment Manager, Privium Fund Management (UK) Limited, has been appointed by the Manager on November 2nd, 2015 to provide investment management services in relation to the Fund. The Investment Advisor, Mayar Capital Advisors Ltd., has been appointed by the Investment Manager on November 2nd, 2015 to provide investment advisory services in relation to the Fund.
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Investment ObjectiveThe fund’s investment objective is to achieve long-term growth of capital by investing in equities and other securities to generate satisfactory risk-adjusted returns. The fund seeks to achieve its objective over the long term, which we define as a minimum of five years, by applying a disciplined value investing strategy to the selection of securities in global financial markets, and only invests in securities that comply with the Ethical Investment Criteria (as per PPM).
Structure & ProvidersFUND ASSETS (US$): 64,125,956.95FIRM AUM* (US$): 114,384,267.25FISCAL YEAR END: June 30FUND INCEPTION: May 16, 2011FUND MANAGER: Abdulaziz A. Alnaim, CFAMINIMUM INVESTMENT (CLASS A): $100,000MINIMUM INVESTMENT (CLASS B): $2.5 millionMANAGEMENT FEE: 1.5% (Class A) / 1.0% (Class B)INCENTIVE FEE: 20% (Class A) / 14% (Class B) of spread above benchmark, with a high watermarkBENCHMARK: MSCI World IndexDOMICILE: Cayman IslandsADMINISTRATOR: Apex Fund ServicesAUDITOR: KPMG (Cayman Islands)BLOOMBERG TICKER: MAYARFD KY, MAYARLB KY
ISIN: KYG5905A1058 (Class A); KYG5905A1132 (Class B)
*Firm Assets Under Management (“AUM”) include all assets managed by the firm within the fund and separately managed accounts.The present investment strategy was adhered to by the portfolio manager while managing predecessor funds: TwentyEight Inc (2003), and Yareem Ltd (2004 – 2011).This communication is confidential and is intended solely for shareholders of Mayar Fund Ltd.Mayar Capital Management Ltd, Mayar Capital Advisors Ltd and their affiliates provide investment advisory and asset management services to institutions, family offices, and high net-worth individuals globally.Mayar Capital Advisors Ltd is an Appointed Representative of Privium Fund Management (UK) Ltd, which is authorised and regulated by the UK’s Financial Conduct Authority.Mayar Capital Advisors Ltd | 31 Clerkenwell Close, office G07 London EC1R 0AT United Kingdom | [email protected] | www.mayarcapital.com Privium Fund Management (UK) Ltd | The Shard, 24th Floor 32 London Bridge Street London SE1 9SG | [email protected] | www.priviumfund.com
ADMINISTRATION
AUDIT
LEGAL
MIDDLE & BACK OFFICEFINANCIAL OUTSORSING SERVICES
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BROKERAGE
CUSTODY
Venture One Legal
Board of DirectorsMayar Fund Ltd
Abdulaziz A. Alnaim, CFAManaging Director, Mayar Capital
Ali M. Al DaftariCEO, Pantera Investment Management
Ayman Afghani Advisor to the Saudi Minister of Economy and Planning.
Mayar Capital Advisors Ltd
Abdulaziz A. Alnaim, CFAManaging Director, Mayar Capital
Aubrey W. BrocklebankDirector, Senior Analyst & Assistant Portfolio Manager
Mayar Capital Management Ltd
Abdulaziz A. Alnaim, CFAManaging Director, Mayar Capital
Ali M. Al DaftariCEO, Pantera Investment Management
Laurent HopmanPartner, 21North Advisors
Saud O. AlblehedIjarah Finance, Maarif Education, Afras Contracting
Our TeamResearch & Investment
Abdulaziz A. Alnaim, CFAManaging Director
Aubrey Brocklebank Director, Senior Analyst
Ibrahim Al-MatroodResearch Intern
Operations
Stefan DawidowskiChief Operating Officer
Marc Cox Head of Investor Relations
Kamea Mayes Operations Associate
Sophie ForsythAssistant
Compliance & Risk (Privium Fund Management UK Ltd)
John GriffithsCompliance Officer
Reuben LeemeijerRisk Manager
Operations (Apex Financial Outsourcing Services)
Venki SubramanianMiddle and Back Office Manager
Akhtar AnsariMiddle and Back Office Team
Fund Administration (Apex Fund Services Bahrain)
Avinash GungadooManaging Director
Hawraa AlshakhooriFund Accountant
Rachna BhatiaAccount Manager
Taha AlsadadiCompliance Officer & MLRO
Offshore Legal Advisor (Venture One Legal Ltd)
Fawaz ElmalkiCounsel
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Awards
Long Only Equity Fund of the Year — 2017
Award for Excellence in Value Investing Strategies 2017 & Best Performing Value Fund
(5 Years): Mayar Fund
2017
2015
Winner - Acquisition International Hedge Fund Awards 2015 – Best
Global Equities Hedge Fund — Cayman Islands
Award for Innovation in Value Investing — 2015
Mayar Capital Management Investment Company
Of The Year — Saudi Arabia 2015
Saudi Asset Manager of the Year Shortlisted — 2015
2013
Saudi Asset Manager of the Year Shortlisted — 2013
European Hedge Fund of the YearShortlisted — 2013
2014
Saudi Asset Manager of the Year Shortlisted — 2014
2018
MAYAR FUNDCLASS A USDAS OF 31/12/2018
MAYAR FUNDCLASS A USDAS OF 31/10/2017
20
2019
MAYAR FUNDCLASS A USDAS OF 31/12/2019
5-CROWNS FE TRUSTNET CROWN RATING
2020
MAYAR FUNDCLASS A USDAS OF 30/06/2020
DisclaimerThis document is prepared by Mayar Capital Advisors Limited (“MCA”), an Appointed Representative of Privium Fund Management (UK) Limited (“Privium”), which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. It is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Within the EEA Mayar Fund (“the Fund”) is only available to Professional Investors as defined by local Member State law and regulation. Outside the EEA, the Fund is only available to Professional Clients or Eligible Counterparties as defined by the FCA, and in compliance with local law. This document is not intended for distribution in the United States (“US”) or for the account of US persons, as defined in the Securities Act of 1933, as amended, except to persons who are “Accredited Investors”, as defined in that Act and “Qualified Purchasers” as defined in the Investment Company Act of 1940, as amended. It is not intended for distribution to retail clients. This document is qualified in its entirety by reference to the Private Placement Memorandum (together with any supplements thereto, “the PPM”) of Mayar Fund. Please see the section of the PPM on information required by Securities Laws of certain jurisdictions.
This document is provided for information purposes only and should not be regarded as an offer to buy or a solicitation of an offer to buy shares in the fund. The prospectus and supplement of the fund are the only authorised documents for offering of shares of the fund and may only be distributed in accordance with the laws and regulations of each appropriate jurisdiction in which any potential investor resides. Investment in the fund managed by Privium carries significant risk of loss of capital and investors should carefully review the terms of the fund’s offering documents for details of these risks. Mayar Fund follows a long-term investment strategy. Short-term returns will vary considerably and will not be indicative of the strategy’s merits.This document does not consider the specific investment objectives, financial situation or particular needs of any investor and an investment in the fund is not suitable for all investors. Investors are reminded that past performance should not be seen as an indication of future performance and that they might not get back the amount that they originally invested.
This document is confidential and solely for the use of MCA and the existing and potential clients of MCA to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or
distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of MCA.
Comparison to the index where shown is for information only and should not be interpreted to mean that there is a correlation between the portfolio and the index. The views expressed in this document are the views of MCA and Privium at time of publication and may change over time. Where information provided in this document contains “forward-looking” information including estimates, projections and subjective judgment and analysis, no representation is made as to the accuracy of such estimates or projections or that such projections will be realised. Nothing in this document constitutes investment, legal tax or other advice nor is it to be relied upon in making an investment decision. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction (s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment in the Fund with its legal, tax and regulatory advisors in order to make an independent determination of the suitability and consequences of such an investment.
No recommendation is made positive or otherwise regarding individual securities mentioned herein. No guarantee is made as to the accuracy of the information provided which has been obtained from sources believed to be reliable. The information contained in this document is strictly confidential and is Intended only for use of the person to whom MCA or Privium has provided the material. No part of this document may be divulged to any other person, distributed, and/or reproduced without the prior written permission of MCA.
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Mayar Capital Advisors Ltd
27-31 Clerkenwell CloseOffice G07London EC1R 0ATUnited Kingdom