Q1 2020 MAYAR FUND LTD LETTER TO PARTNERS
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Q1 2020MAYAR FUND LTD
LETTER TO PARTNERS
Cover Art: From a poem by Al Shafie on the importance of optimism in the
face of adversity and how things look the darkest right before they improve
for the better.
44
Table of Contents
Our Partnership Principles 5
Our Strategy 6
Investment Process 7
Performance History 8
Letter from the Managing Director 10
Asset Allocation 16
About Mayar Fund and Mayar Capital 19
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.
5
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
7
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
8
$220 000
$240 000
$200 000
$140 000
$160 000
$180 000
$120 000
$100 000
$80 000
MSCI World Index
Firm AUM*Annualized Performance
Mayar 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
$96
10
-
30
70
60
50
20
40
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
80
90
May-20
100
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
$192 17 9
$165 58 5
Feb-19
May-19
Aug-19
Performance HistoryMayar Fund Class A (Initial Series) - Since Inception
Value of $100,000 invested
Nov-19
Feb-20
6%
4%
2%
0%
8%
7.63%5.84%
9
Cumulative Performance
Class A Class B
Fund (net), % MSCI World, % Fund (net), % MSCI World, % MTD -13.53 -13.23 -13.49 -13.23
QTD -19.72 -21.05 -19.62 -21.05
YTD -19.72 -21.05 -19.62 -21.05
1 Year -8.70 -10.39 -8.28 -10.39
3 Years 10.62 5.87
5 Years 24.93 17.31
7 Years 59.84 48.10
Since Inception 92.18 65.58 9.92 4.33
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
2019 -19.72 -21.05 -19.62 -21.05
Performance Statistics (Class A, Since Inception)
Class A Class B Class A Class B
ANNUALIZED ALPHA 2.59 1.96 ANNUALIZED VOLATILITY 11.57 12.98
SHARPE RATIO 0.69 0.32 BETA 0.84 0.84
TREYNOR RATIO 9.1 3.91 R-SQUARED 0.9 0.93
INFORMATION RATIO 0.41 0.42 UPSIDE CAPTURE RATIO 92.31 87.56
SORTINO RATIO 0.93 0.32 DOWNSIDE CAPTURE RATIO 78.21 77.05
TRACKING ERROR 4.31 4.37
*Calendar year 2011 is a partial year starting May 15
10
Letter from the Managing Director
For the three months ending March 31, 2020, Mayar Fund (Class A) declined 19.7% net of all expenses and fees while the MSCI World Index declined by 21.1%. Since its inception in May 2011, Mayar Fund is up 92.2% net versus a 65.6% increase for the MSCI. That corresponds to a 7.6% annualized rate of return for Mayar Fund, compared to 5.8% for the MSCI.
MAY I HAVE YOUR ATTENTION PLEASE
Ladies and Gentlemen, this is your captain speaking.
We have hit a pocket of unexpected turbulence over the past few weeks. I hope that you and members of your family are all safe and well. I know of at least one case of COVID-19 among our investors and I’m happy to report that they’ve now fully recovered. We are going through what are indeed challenging times for all of us, but I am confident that we will overcome this, and life will return to normal soon.
Your safety and the safety of your capital is our highest priority at Mayar Capital. While it appears that things may have relatively stabilized, there is still a high chance of further turbulence over the coming weeks and months. As a precaution, I would like to ask you to remain seated and keep your seatbelts fastened until we arrive safely at our destination. We know you have a lot of choices in fund managers and would like to thank you for choosing Mayar Capital.
We entered this period of turbulence well prepared. We had high levels of cash in our portfolios (roughly 19%), and a long wish-list of great companies that we wanted to own should their shares drop in price. Our preparedness has enabled us to quickly deploy large amounts of our capital into very attractive opportunities.
Our Performance
General Commentary
11
As I’ve expressed to you before, our philosophy on trading is to have exceptionally low levels of trading activity most of the time, but be prepared to act quickly, with size, and with conviction, when conditions warrant.
That is precisely what we have done this time around, and it is not a coincidence. It is the direct result of our discipline in following our investment process. It is how we operate.
There remains a lot of uncertainty about the near-term macroeconomic future. As always, we are not in the business of predicting such things. But making investment decisions requires some input about the current and future state of the world. Here is a summary of our thinking:
1. An unusually high percentage of behavior today is being driven by fear. It’s only human to be afraid. We can’t control our emotions, but we can manage and minimize how they influence our actions.
2. We’re almost certainly already in a global recession. We don’t know how long or deep it will be. That is true of every recession. I see many valid reasons why this one should be longer than average, and many others as to why it should be shorter. The truth is, no one knows. What we do know is that it will not last forever.
3. This recession was caused not by infections or deaths from the COVID-19 virus itself, but by governments around the world actively shutting down huge parts of the economy for an unknown length of time in order to save lives. We have never seen governments do anything like this in the past and so we have no historical precedent to examine. And while China is roughly two months ahead of us on this journey, their experience for various reasons may turn out to be very different than ours.
4. The fiscal and monetary response from governments, especially in developed economies, has been extraordinary. In developed economies, the size of this stimulus is multiples of anything we have seen in the past. Those actions will help reduce the depth and length of the downturn. Without these interventions the economic impact would have been unfathomably catastrophic. But we don’t know what the long-term costs of such interventions are.
5. Many things will significantly change in the future because of lessons learned from this experience. Some will be a genuine change in course, though I suspect that many will be a mere acceleration of forces already underway. The most obvious example is teleworking and video meetings (how much has your Zoom use gone up?). We also expect other changes such as new approaches to inventory and logistics management, an acceleration in the adoption of cloud services and increased penetration of online commerce. We also (hope) that these events will cause policymakers to re-examine their approach to managing health systems, healthcare access and delivery, and pandemic preparedness.
12
Not all countries and companies will be ready for these changes. Some will benefit, others will lose.
6. We also believe that most things will not change. For starters, most things are not broken, have been continuously improving, and will continue to improve over time. There are many things that we human beings have messed up in recent years and decades, but I believe we have also gotten many things right. We have made tremendous improvements over the past several decades in the quality of life for billions of people around the world at a rate unprecedented in human history. It is difficult to see the big picture while the COVID-19 pandemic is front of mind, but if we did, we would realize that now — perhaps plus or minus a few months — is the best time in human history to be alive. The coming years and decades will be even better. The trajectory of human advancement continues to point forward and upward, even if the line can be zig-zagged at times.
7. We will look back at this period years from now and remember it as a time that was tough on all of us, but especially on vulnerable populations and especially so in developing countries. But we will also see that it had helped us come together as human beings, help each other, learn and grow. I am highly optimistic that we will see this an opportunity to improve our systems of economy, government, health and education in ways that correct some of the mistakes we have made in recent years so that this experience will prove to be a net positive for the world. I am betting on humanity and believe that our best days are ahead of us.
8. I also expect that, with the benefit of hindsight, this will prove to have been a great time to invest for those who focus on the long run.
This quarter was one of the most active periods in our history. Because we had already done our homework beforehand, we were ready to act.
One of the first things we did when we realized that we would be looking at a prolonged lockdown of the economy was to re-examine the resilience of the companies in our portfolios and our wishlist. It is crucial for us as long-term investors to figure out how much a business would be worth five years from now. But first, that business must survive the coming weeks and months.
We’ve always talked about how our strategy treats businesses and companies in two separate steps. The current situation helps illustrate why this framework is essential. Many businesses will survive the current lockdown, but that doesn’t mean that current equity-holders won’t be diluted or wiped out.
We stress-tested our companies to estimate how long of a “runway” they have during these extreme times. We looked at their cash burn rates in the absence of revenues, debt covenants and repayment schedules, and thought through the different levers that management teams would be able to pull to increase that runway.
Our Portfolio
13
This exercise allowed us to better understand the risks that we are facing and informed our buying decisions as we picked companies from our wish list.
And what picking we did! We initiated ten new investments this quarter — a record for us. We bought shares in PZ Cussons (hygiene and personal care); 3M (safety, healthcare, and industry); Ashtead (industrial equipment rental); Lowe’s (home improvement retailer); SAP (enterprise software); Booking Holdings (online travel agency); Toll Brothers, a US homebuilder; and three UK homebuilders, Barret Development, Redrow, and Vistry Group.
We increased our investment in several of our holdings, including UPS, Labcorp, Discovery, Nordstrom, and Visa. We also fully exited our investment in Apple earlier in the quarter.
Our cash position was reduced from a high of roughly 19% to under 4% at quarter-end.
We now own stakes in an excellent collection of businesses with operations around the world that will survive the current environment and thrive in the years to come. We are very optimistic about the future.
On April 7th Mayar Capital achieved a significant milestone in its journey, with Assets Under Management (AUM) exceeding $100 million for the first time. This was achieved through the hard work and dedication of the Mayar Capital team. We owe so much of our success to what they do day in and day out.
We also couldn’t have achieved that without you. We put so much effort into choosing our investing partners to make sure we have partners who share our philosophy, and you did not disappoint! As markets declined over the past few weeks, you called with support and encouragement. You kept your focus on the long run. You saw this market decline as a tremendous opportunity, and many of you added substantially to your investment in Mayar.
I am very fortunate to have partners like you and feel honored to be given the privilege to be a steward of your capital.
I also would like to take this opportunity to thank everyone on the front lines of this fight against COVID-19. To the brave heroes in hospitals, nursing homes, grocery stores, restaurants, food delivery, scientists, police, fire departments, food banks, and to those who volunteer to help across the world, we owe so much to your daily sacrifices, and we are very grateful.
The Alnaim family has been participating weekly in #clapforcarers, and we must not let this enthusiasm die away over the coming weeks and months. Our support must continue even after COVID19 is behind us until we’ve made the necessary changes to our healthcare policies to prevent this from ever happening again. Please keep supporting those on the front line in any way you can.
The Fund and the Company
14
More generally, this crisis is showing us the importance of working together as human beings to tackle the global challenges that we all face. We must most forget this lesson and must come together to solve our other pressing problems like climate change, inclusive growth, equality, and poverty.
We probably still have many more challenging weeks ahead of us before things go back to normal. I have no doubt that together we will get through this. There is a light at the end of the tunnel. The sun will shine again, life will go back to normal, and real captain announcements will be heard again. In this fight, humanity will prevail.
Thank you.
As always, I remain available if you have any questions or thoughts.
Best regards,
Abdulaziz A. Alnaim, CFA
Managing Director
April 14, 2020
1515
16
-0.70
-0.57
-0.22
-0.43
-0.55
0.41
0.27
0.11
0.22
0.26
Ashtead
Lowe’s COS
Apple
PZ Cussons
SAP
Asset AllocationTen Largest Positions
Company Name % Industry Country of Listing
United Parcel Service 7.47 Transportation United States
Vestas Wind Systems 6.53 Capital Goods Denmark
Johnson & Johnson 6.28 Pharm & Biotech United States
Samsung Electronics 6.14 Tech Hardw & Equip South Korea
Alphabet 6.00 Media & Entertainment United States
Unilever 5.71 HH & Personal Prod United Kingdom
Microsoft 4.68 Software & Services United States
Henkel 4.64 HH & Personal Prod Germany
Laboratory Corp of America 4.54 Healthcare Equipment & Service United States
Discovery 4.20 Media & Entertainment United States
Total 56.19
Top Contributors to Losses (%)Top Contributors to Gains (%)
Evertec
Unilever
Johnson & Johnson
Mastercard
Vistry
17
North America 37%
Europe 28%
Cash 15%
Asia 12%
Other 8%
47% North America
32% Europe
11% Asia
6% Other
4% Cash
Portfolio (by revenue)
Portfolio (by listing)
Portfolio (by country of listing)
North America 48%
Europe 31%
Cash 15%
Asia 6%
United States 48%
Cash 15%
United Kingdom 11%
Germany 10%
Denmark 6%
Korea (South) 6%
Switzerland 4%
53% North America
37% Europe
6% Asia
4% Cash
53% United States
17% United Kingdom
10% Germany
7% Denmark
6% South Korea
4% Cash
4% Switzerland
Last Quarter This Quarter
15% Cash 14% Capital Goods 13% Media 11% Software & Services 10% Household & Personal Products
9% Technology Hardware & Equipment 8% Retailing 6% Pharmaceuticals & Life Sciences
5% Transportation 4% Health Care Equipment & Services 4% Consumer Durables & Apparel
Portfolio(by industry)
Last Quarter
Portfolio(by industry)
This 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
18
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.
19
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$): 50,751,724FIRM AUM* (US$): 96,307,121 FISCAL 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
20
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
Marc Cox Head of Investor Relations
Kamea Mayes Operations Associate
Sophie ForsythAssistant
Maha AbuzeinaAccountant
Sophie BertrandOperations Consultant
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
21
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
22
2019
MAYAR FUNDCLASS A USDAS OF 31/12/2019
5-CROWNS FE TRUSTNET CROWN RATING
2020
MAYAR FUNDCLASS A USDAS OF 31/03/2020
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
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