EVGGF - Qualivian Investment Partners Q1 2021 Investment Letter

• Qualivian Investment Partners is an emerging equity manager with a concentrated, time arbitrage public equity strategy. The fund seeks to generate superior long-term returns using contemporary fundamental analysis to identify "Quality Compounders."
• Since inception to end of Q1 2021, we have returned 80.3% and 76.7% on a gross and net basis respectively, outperforming the S&P500 by 21.5% and 17.9% respectively.
• In Q1 2021, we underperformed the S&P500 by 3.7% and 3.9% on a gross and net basis, respectively. We were negatively impacted by the rotation to more cyclical sectors in Q1 2021, like energy, financials, retailers, and travel and leisure.
• The stock market in Q1 2021 was a bit crazy. It was characterized by: an initial outperformance of tech stocks, a rotation toward vaccine/reopening stocks, higher interest rates and inflation fears, and a sell-off of long duration equities, and a collapse of a highly levered family office which stoked fears of contagion in the financial system.

For further details see: