PLTR - Guardian Fund 2020 Investor Letter

• The Guardian Fund is a long-only public equity investment fund and open for new investors that share our philosophy. It is one of our priorities to keep the quality of our client base high.
• In 2020, the return of the Guardian Fund was +52.21%, measured in euros and net of fees and expenses. This compares to 18.40% for the S&P 500 Index, measured in U.S. dollars, and including dividends.
• Today, Shopify, Stone, and Stripe, amongst others, ‘smell’ like winners. It is probably a far better investment to buy these companies at any price than owning a mediocre company at a price that seems low.
• In October, we bought a stake in Palantir. Earlier, in June, our concentrated Tech Fund, which has a mandate to also buy shares in the secondary market, bought shares of Palantir from insiders, before the direct listing. At the price we bought, the equity had much more upside than downside.

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