NAPRF - Alphyn Capital Management Q4 2020 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 17.2% net in Q4 2020, as reported by our fund administrator.
• While it is difficult to know when the market will recognize the merits of any particular company we own, it is important not to get shaken out of good holdings during periods of volatility.
• Lastly, SPACs in aggregate have had a poor post-merger shareprice performance record. The reasons for this are numerous.

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