Dear Investor, 

​

In this letter we will review our performance for Q1, share some thoughts about the current portfolio construction and
present an investment case of one of our larger holdings: Intertrust NV. 

​

Performance Review 

​

The first quarter return for the F-Shares and A-Shares were 17.9% and 18.2% respectively. In hindsight, the timing of our launch was fortunate given how quickly the strong absolute and relative performance was obtained. We do feel a word of caution is appropriate: this quarter’s results are exceptionally strong and should not be extrapolated as the norm for future quarterly results. Something that could potentially be the norm, is the difference between our performance and that of the benchmark. Our portfolio is not comparable to the composition of the benchmark in any way, which means our results will often be vastly different. This however goes both ways – both positively as illustrated by this quarter, as well as negatively, which undoubtedly will happen in the future. Over time, however, we expect the plusses to be both greater and occur more often than the negatives.

​

[...]

​