Andrew Dalrymple's letter - 3rd quarter 2019

The Net Asset Value of the Strategy is very little changed over the three months ending 30th September, which compares unfavourably with the MSCI AC World Index (EUR). While progress was encouraging in July and August, with the ship making reasonable progress, and the wind mostly astern, but in early September, a sudden squall caught the helmsman unawares, arresting progress sharply, and carrying away a topgallant mast. The crew has been repairing the damage, stepping a new mast, and splicing the rigging.

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3Q19 Manager's Letter AD.pdf

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