MUDSW - Evermore Global Value Fund Commentary - 2Q 2021

• Evermore is a New Jersey based investment adviser, providing "special situations" investing across three geographies; Global, European and International.
• In the U.S., despite continued investor concerns about rising inflation rates and after impressive first quarter GDP growth of 6.4%, the S&P 500 hit an all-time high in June.
• Institutional Class shares of the Evermore Global Value Fund were down 0.14% for the quarter ended June 30, 2021.
• The Fund ended the quarter with $264.8 million in net assets and 37 issuer positions. Added three new positions – Hemnet Group AB (Sweden), Montana Aerospace AG(Germany) and Mudrick Capital Acquisition Corp. II (U.S.).
• The Evermore Global Value Fund had a disappointing quarter of investment performance, posting a small loss for the quarter. The loss was largely due to the performance of Atlantic Sapphire and several of our Environmental, Social and Corporate Governance positions.

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