CSPLF - Alphyn Capital Management Q3 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 -3.6% net in Q3 2021, as reported by our fund administrator.
• As of September 30th, 2021, the top ten positions comprised approximately 66% of the portfolio, and the portfolio held approximately 5.3% in cash.
• Crossroads became a negligibly small part of our portfolios following the dividend distribution. I, therefore, added to the position, as I like investing with effective management teams who have demonstrated integrity and good capital allocation.

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