AFTPY - Hayden Capital Quarterly Letter Q3 2020

• 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.
• We generated +31.6% during the third quarter. This compares to the S&P 500 which returned +8.9% and the MSCI World which returned +8.4%. This quarter’s results bring our annualized returns to +30.0% per year since inception.
• 55% of our portfolio is invested in businesses operating in Asia, 30% in North American businesses, and 9% in a company based in Australia.
• Our thesis and investment edge come from the nascent US market, where Afterpay entered two years ago and is already showing rapid adoption (+330% y/y GMV growth in FY 2020).

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