EQNR - Massif Capital Q3 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 7.7% net of fees during the third quarter of 2021. Year-to-date, the portfolio has returned 14.9%.
• On an absolute basis, the 7.7% return is in the top quartile of quarterly returns since our launch in 2016. On a relative basis, the portfolio beat the S&P Global Natural Resources index by 12%, the second-largest outperformance of our benchmark since inception, trailing only March 2020 when we outperformed by 37%.
• The portfolio’s performance in the third quarter was driven by Lithium America’s, which contributed 5.3%. Two other mining firms, Kazatomprom and Adriatic Metals, contributed2.3% and 1.3%, respectively.

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