IAC - Alphyn Capital Management Letter To Investors Q4 2021

• Alphyn Capital Management, LLC is a registered investment advisor focussed on a) great public companies that have the power to endure, with long runways to grow through reinvesting cash flows at high rates of return, run by talented and aligned operators and b) the occasional special situation.
• Following three years of running ACML, we are now almost fully invested.
• While it sometimes takes the market a while to fully credit our companies, we can use “time as an ally” to allow prices to catch up with their intrinsic value.

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