Q2 2020 MAYAR FUND LTD LETTER TO PARTNERS - Mayar Capital
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Q2 2020
MAYAR FUND LTD
LETTER TO PARTNERS
Cover Image:
Sunflowers symbolize longevity, loyalty, and
good fortuneFun Fact:
The pattern of seeds in a sunflower follows the
Fibonacci sequence4
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 175 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.
6
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 Great Company Great Value
> Customer Economics > Management
Margin of Safety
> Consistent > Capital Structure
Intrinsic Value
> High ROIC > Capital Allocation
Market Price
> Cash Conversion
> Redeployment7
Investment
Process
PROPRIETARY CHECKLIST-BASED SCORING SYSTEM
Killing the Idea The Deep Dive
Understandable Red Flags Evaluate the Moat, Industry,
Ethical Quantitative Management, Financials,
& Qualitative Prospects
Regular Monitoring Valuation & Portfolio
Daily Quarterly Intrinsic Value Position Size
News, Company Financials, Range of Values Risk vs return
Filings, Portfolio Checklist, Diversification
prices Valuation8
Performance
History
Mayar Fund Class A (Initial Series) - Since Inception
Value of $100,000 invested
$240,000
Mayar Fund (net)
$229,556
MSCI World Index
$220,000
$200,000
$197,640
$180,000
$160,000
$140,000
$120,000
$100,000
$80,000
Au 9
Fe 1
Fe 5
Au 17
Fe 13
N 14
N 11
N 12
N 13
N 15
Fe 6
Au 11
Au 13
N 17
M 18
A u 18
N 18
M 12
M 13
M 14
M 15
M 16
Au 12
Au 14
Au 15
N 6
Au 16
M 17
Fe 17
Fe 8
M 9
N 19
Fe 19
Fe 12
Fe 14
0
M 20
-1
-1
1
-1
1
-1
-1
-2
g-
g-
g-
g-
g-
-
-
g-
b-
-
g-
b-
b-
b-
b-
b-
-
-
-
-
g-
-
b-
-
-
b-
g-
-
-
-
b-
ov
ay
ay
ay
ay
ov
ay
ay
ay
ay
ov
ov
ay
ov
ov
ov
ov
ov
ay
M
Annualized Performance Firm AUM*
Millions
10% 120
$114
105
8% 90
75
6% 60
9.53%
45
7.75%
4% 30
15
2% -
N -11
N -13
N -15
M -11
N -12
M -12
M -13
N -14
M -14
M -15
N -16
M -16
N -17
M -17
N 18
M 18
N 19
M 19
0
-2
-
-
-
-
ay
ay
ay
ov
ay
ov
ov
ay
ov
ov
ay
ov
ay
ov
ay
ov
ay
ov
ay
Mayar Fund - Class A
M
MSCI World Index Net TR *Firm AUM is a combination of the AUM of the fund and
managed accounts9
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 1510
Letter from
the Managing
Director
Our For the three months ending June 30, 2020, Mayar Fund (Class A) returned 19.5% net
Performance 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.
General I write to you today from our office in Clerkenwell on my first day back after working from
Commentary 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 controlling11
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 your12
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 most13
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
Our Portfolio 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
The Fund and us as Chief Operating Officer on June 1st. Stefan has extensive operations experience,
the Company 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, 202014
Asset Allocation
Ten 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 Gains (%) Top Contributors to Losses (%)
Brenntag 1.81
Vestas 1.71
Lab Corp of
1.52
America
PZ Cussons -0.17
UPS 1.43
Alphabet 1.31
Dunelm 1.2715
Last Quarter This Quarter
Portfolio (by revenue)
North America 47% 41% North America
Europe 32% 32% Europe
Asia 11% 11% Asia
Other 6% 10% Cash
Cash 4% 5% Other
Portfolio (by listing)
North America 53% 45% North America
Europe 37% 38% Europe
Asia 6% 10% Cash
Cash 4% 6% Asia
Portfolio (by country of listing)
United States 53% 45% United States
United Kingdom 17% 15% United Kingdom
Germany 10% 12% Germany
Denmark 7% 10% Cash
South Korea 6% 6% Denmark
Cash 4% 5% South Korea
Switzerland 4% 3% Switzerland16
Portfolio
(by industry)
Last Quarter
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
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 & Services17 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.
18
Investment Objective
The 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 & Providers
FUND ASSETS (US$): 64,125,956.95
FIRM AUM* (US$): 114,384,267.25
FISCAL YEAR END: June 30
FUND INCEPTION: May 16, 2011
FUND MANAGER: Abdulaziz A. Alnaim, CFA
BROKERAGE
MINIMUM INVESTMENT (CLASS A): $100,000
MINIMUM INVESTMENT (CLASS B): $2.5 million
MANAGEMENT FEE: 1.5% (Class A) / 1.0% (Class B)
INCENTIVE FEE: 20% (Class A) / 14% (Class B)
of spread above benchmark, with a high watermark
BENCHMARK: MSCI World Index
CUSTODY
DOMICILE: Cayman Islands
ADMINISTRATOR: Apex Fund Services
AUDITOR: KPMG (Cayman Islands)
BLOOMBERG TICKER: MAYARFD KY, MAYARLB KY
ISIN: KYG5905A1058 (Class A); KYG5905A1132
ADMINISTRATION
(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 FIN AN CIAL OUTSORSIN G SERVICES
Ltd (2004 – 2011).
This communication is confidential and is intended solely for shareholders MIDDLE & BACK OFFICE
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. AUDIT
Mayar Capital Advisors Ltd | 31 Clerkenwell Close, office G07 London
EC1R 0AT United Kingdom | info@mayarcapital.com | www.mayarcapital.
com
Privium Fund Management (UK) Ltd | The Shard, 24th Floor 32 London
Venture One Legal
Bridge Street London SE1 9SG | complianceUK@priviumfund.com | www.
LEGAL
priviumfund.com19
Board of Directors
Mayar Fund Ltd Mayar Capital Management Ltd
Abdulaziz A. Alnaim, CFA Abdulaziz A. Alnaim, CFA
Managing Director, Mayar Capital Managing Director, Mayar Capital
Ali M. Al Daftari Ali M. Al Daftari
CEO, Pantera Investment Management CEO, Pantera Investment Management
Ayman Afghani Laurent Hopman
Advisor to the Saudi Minister of Economy and Partner, 21North Advisors
Planning. Saud O. Alblehed
Ijarah Finance, Maarif Education, Afras
Mayar Capital Advisors Ltd Contracting
Abdulaziz A. Alnaim, CFA
Managing Director, Mayar Capital
Aubrey W. Brocklebank
Director, Senior Analyst & Assistant Portfolio
Manager
Our Team
Research & Investment Operations (Apex Financial Outsourcing
Services)
Abdulaziz A. Alnaim, CFA
Managing Director Venki Subramanian
Middle and Back Office Manager
Aubrey Brocklebank
Director, Senior Analyst Akhtar Ansari
Middle and Back Office Team
Ibrahim Al-Matrood
Research Intern
Fund Administration (Apex Fund Services
Operations Bahrain)
Avinash Gungadoo
Stefan Dawidowski
Managing Director
Chief Operating Officer
Hawraa Alshakhoori
Marc Cox
Fund Accountant
Head of Investor Relations
Rachna Bhatia
Kamea Mayes Account Manager
Operations Associate
Taha Alsadadi
Sophie Forsyth Compliance Officer & MLRO
Assistant
Offshore Legal Advisor (Venture One
Compliance & Risk (Privium Fund Legal Ltd)
Management UK Ltd)
Fawaz Elmalki
John Griffiths Counsel
Compliance Officer
Reuben Leemeijer
Risk Manager20
2020
Awards
MAYAR FUND
CLASS A USD
AS OF 30/06/2020
5-CROWNS FE TRUSTNET
CROWN RATING
2019
2018
MAYAR FUND MAYAR FUND
CLASS A USD CLASS A USD
AS OF 31/12/2019 AS OF 31/12/2018
2017
Award for Excellence in Value Investing MAYAR FUND
Long Only Equity Fund of the
Strategies 2017 & Best Performing Value Fund CLASS A USD
Year — 2017
AS OF 31/10/2017
(5 Years): Mayar Fund
2015
Winner - Acquisition International Award for Innovation in Value Mayar Capital Management Saudi Asset
Hedge Fund Awards 2015 – Best Investing — 2015 Investment Company Manager of the Year
Global Equities Hedge Of The Year — Saudi Arabia 2015 Shortlisted — 2015
Fund — Cayman Islands
2014
2013
Saudi Asset Manager of the Saudi Asset Manager of the European Hedge Fund of the Year
Year Shortlisted — 2014 Year Shortlisted — 2013 Shortlisted — 201321
Disclaimer
This document is prepared by Mayar Capital Advisors Limited distribute this presentation in whole or in part, nor to disclose any
(“MCA”), an Appointed Representative of Privium Fund of its contents (except to its professional advisors), without the
Management (UK) Limited (“Privium”), which is authorised and prior written consent of MCA.
regulated by the Financial Conduct Authority (“FCA”) in the
United Kingdom. It is not intended for distribution to or use by Comparison to the index where shown is for information only
any person or entity in any jurisdiction or country where such and should not be interpreted to mean that there is a correlation
distribution or use would be contrary to local law or regulation. between the portfolio and the index. The views expressed in this
Within the EEA Mayar Fund (“the Fund”) is only available to document are the views of MCA and Privium at time of publication
Professional Investors as defined by local Member State law and may change over time. Where information provided in this
and regulation. Outside the EEA, the Fund is only available to document contains “forward-looking” information including
Professional Clients or Eligible Counterparties as defined by estimates, projections and subjective judgment and analysis, no
the FCA, and in compliance with local law. This document is representation is made as to the accuracy of such estimates or
not intended for distribution in the United States (“US”) or for projections or that such projections will be realised. Nothing in
the account of US persons, as defined in the Securities Act of this document constitutes investment, legal tax or other advice
1933, as amended, except to persons who are “Accredited nor is it to be relied upon in making an investment decision.
Investors”, as defined in that Act and “Qualified Purchasers” as These materials and any tax-related statements are not intended
defined in the Investment Company Act of 1940, as amended. or written to be used, and cannot be used or relied upon, by any
It is not intended for distribution to retail clients. This document taxpayer for the purpose of avoiding tax penalties. Tax-related
is qualified in its entirety by reference to the Private Placement statements, if any, may have been written in connection with
Memorandum (together with any supplements thereto, “the the “promotion or marketing” of the transaction (s) or matter(s)
PPM”) of Mayar Fund. Please see the section of the PPM on addressed by these materials, to the extent allowed by applicable
information required by Securities Laws of certain jurisdictions. law. Any taxpayer should seek advice based on the taxpayer’s
particular circumstances from an independent tax advisor.
This document is provided for information purposes only and
should not be regarded as an offer to buy or a solicitation of an Prospective investors should inform themselves and take
offer to buy shares in the fund. The prospectus and supplement appropriate advice as to any applicable legal requirements and
of the fund are the only authorised documents for offering of any applicable taxation and exchange control regulations in the
shares of the fund and may only be distributed in accordance countries of their citizenship, residence or domicile which might
with the laws and regulations of each appropriate jurisdiction be relevant to the subscription, purchase, holding, exchange,
in which any potential investor resides. Investment in the fund redemption or disposal of any investments. Each prospective
managed by Privium carries significant risk of loss of capital investor is urged to discuss any prospective investment in the
and investors should carefully review the terms of the fund’s Fund with its legal, tax and regulatory advisors in order to make an
offering documents for details of these risks. Mayar Fund independent determination of the suitability and consequences
follows a long-term investment strategy. Short-term returns will of such an investment.
vary considerably and will not be indicative of the strategy’s
merits.This document does not consider the specific investment No recommendation is made positive or otherwise regarding
objectives, financial situation or particular needs of any investor individual securities mentioned herein. No guarantee is made
and an investment in the fund is not suitable for all investors. as to the accuracy of the information provided which has been
Investors are reminded that past performance should not be obtained from sources believed to be reliable. The information
seen as an indication of future performance and that they might contained in this document is strictly confidential and is Intended
not get back the amount that they originally invested. 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
This document is confidential and solely for the use of MCA other person, distributed, and/or reproduced without the prior
and the existing and potential clients of MCA to whom it has written permission of MCA.
been delivered, where permitted. By accepting delivery of this
presentation, each recipient undertakes not to reproduce orMayar Capital Advisors Ltd www.mayarcapital.com info@mayarcapital.com 27-31 Clerkenwell Close Office G07 London EC1R 0AT United Kingdom
You can also read
