ROKU - RGA Investment Advisors' Q3 2020 Investment Commentary: Ignition

• RGA Investment Advisors, LLC is an independent investment management firm. The Company builds client portfolios with a low turnover, long-term investment strategy focused on identifying fundamentally attractive securities.
• One might think we avoided owning “COVID losers” heading into this period from the results; however, that is actually far from the case, as we have held a few of these positions through the worst of the COVID Crash, while shedding others in favor of more timely opportunities.
• The IPO happened right at that point of ignition; however, the market had yet to appreciate its reality given hardware revenues still at that date exceeded platform revenues.
• COVID has dramatically tilted the business past the ignition point and transformed the situation into a self-sustaining reality with yearsof fuel to burn in striving toward new layers of scale and opportunity.

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