ECNCF - Avenir Capital Q3 2020 Commentary

• Avenir Capital is a global equities investment manager and is majority owned by its staff, founded in 2011 to apply a private equity mindset to invest in a concentrated selection of publicly listed companies with a focus on risk minimisation and long-term compounding of capital.
• The Avenir Global Fund increased 8.7% for the September 2020 quarter bringing the past 1-year return to –3.9% (net). The MSCI ACWI index (AUD) returned 3.9% for the quarter and the same for past year.
• Given this environment, we have been tilting our portfolio towards undervalued franchises. This involves greater emphasis on companies with sustainable competitive advantages, sizeable and growing end markets and stable or growing returns on capital.
• We also retain a healthy exposure to companies that are moreeconomically sensitive and that will receive outsized benefits as economicconditions gradually normalise.

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