AFTPY - Hayden Capital Quarterly Letter: Q2 2021

• We invest globally across the market cap spectrum - seeking opportunities to purchase high-quality franchise businesses at discounted valuations. We follow a research-intensive, concentrated strategy which generally consists of 6-15 core positions.
• During the Q2, our portfolio generated a +17.9% return. This brings our year-to date returns to +19.4%, compared to +15.3% for the S&P 500 and +12.3% for the MSCI World indices. Since inception, we have produced +33.6% annualized returns for our partners.
• Our portfolio remains largely invested in Asia, comprising ~61% of our portfolio. Of the remaining, ~20% is invested with companies based in North America, with the remaining ~17% in Australia and a residual cash balance.
• As of July 30th, we held a ~17% position inAfterpay, therefore making it our second largest position. With the price action since then, theinvestment is now ~21% of our overall portfolio.

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