EQX - Massif Capital Q2 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 3.1% net of fees during the second quarter of 2021. Year-to-date, the portfolio has returned 6.7%.
• The dispersion of daily returns for the core portfolio settled down significantly in the Q2, along with a continued decline in daily liquidity for many positions following a seemingly frantic level of trading that grew from October 2020 through February 2021.
• Our mining investments continue to outperform, generating an aggregate 4% return to the portfolio. Notable contributors include Ivanhoe Mines, Kazatomprom, and Alphamin Resources.

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