URG - Eschler Recovery Fund Q3 2020 Letter To Shareholders

• Eschler Asset Management is a London-based independent investment manager that invests in out-of-favor companies with strong recovery potential.
• Thanks to a strong Q3 2020 return of 12.2% (B USD share class), net assets per share have appreciated by 92% since inception eight years ago.
• The Q3 2020 result benefited primarily from asset allocation and risk management, though the macro hedge detracted.
• To me, the outlook for smaller cap value investing looks bright because prices across the segment are relatively low.

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