BST - BST Will Continue To Be Under Pressure

• BST is a closed-end fund focused on technology equities.
• The fund has an outstanding long term performance with annualized total returns since inception that top 20%, achieved with a Sharpe ratio above 0.8.
• The fund is down more than -29% year to date as risk-free rates have risen, but its discount to NAV is nowhere close to its historic wide.
• We do not believe there will be a V-shaped recovery in technology stocks, and we are witnessing a secular shift towards free cash flow generating companies on the back of higher rates.
• We believe BST will continue to be under pressure until rates volatility and the ultimate neutral Fed Funds rate are going to be firmed up.

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