TRQ - Massif Capital Q1 2021 Investor Letter

• Massif Capital employs a long/short equity strategy focused on global opportunities in listed real assets, principally mining, energy, and infrastructure.
• The core portfolio for Massif Capital was up 3.45% net of fees during the first quarter of 2021.
• The primary reason for the additional volatility this quarter is our position Lithium Americas Corp. LAC had +/- swings of 10% or more on roughly 11% of first-quarter trading days.
• Equinox Gold remains one of our higher conviction positions.Not only does the management team fill us with confidence because of theircontinuously thoughtful moves to build the business, but within the goldindustry, we struggle to find any firm with comparable growth potential fromexisting assets.

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