FRFHF - Alphyn Capital Management Q2 2021 Investor Letter

• 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.
• The Master Account, in which I am personally invested alongside SMA clients, returned 6.6% net in Q2 2021, as reported by our fund administrator.
• As of June 30th, 2021, the top ten positions comprised approximately 65% of the portfolio, and the portfolio held approximately 9% in cash.
• Crossroads buys and rehabs homes for approximately $127k and then sells themfor an average price of $150k, earning 18% margins. It also provides mortgage financing, making a further 5%spread on the loans.
• Clients will notice a new ticker, VMEO, on your brokerage statements following its spin-out from IAC. I profiledIAC’s companies, including Vimeo, in some detail last year.

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