VNT - Mayar Fund's Q3 2021 Letter To Partners

• We invest globally in great businesses that have durable economic moats, favorable customer economics, consistent financial results, high and stable returns on capital, strong cash flow generation, and attractive capital redeployment opportunities.
• For the three months ending September 30, 2021, Mayar Fund returned -5.3% net of all expenses and fees while the MSCI World Index was broadly flat, returning -0.01%.
• During the quarter we initiated a new position in the shares of Dropbox.
• We fully exited our investment in Nordstromduring the quarter, one that we’ve held for many years and one that’s been a fullposition for us over the past 3 or 4 years.

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