STOHF - Massif Capital Q4 2020 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 15.8% net of fees during the fourth quarter of 2020. During the fiscal year-end 2020, the portfolio returned 50.1% net of fees.
• Our long book contributed 18%, while the short book fell 1.5%. Our materials exposure and its heavy concentration in mining businesses continues to lead the advance.
• Our two copper positions, Ivanhoe Mining and Turquoise Hill, significantly outperformed expectations with a 210% and 150% return respectively in 2020.

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