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C8/GreenBlue Good Governance US Equity L/S Certificate – February 2021

Please click on the link above to view the February Monthly Report for the ‘C8/GreenBlue  – Good Governance US Equity L/S Certificate’, that we are forwarding on behalf of the issuer, Cirdan Capital.

“The ‘Good Governance’ Certificate dropped 1.3% in February, to leave it down 1.7% in 2021. The prospect of a global economic recovery, on the back of Covid vaccination programmes, continues to lead to sharp sector swings between new and old economy equities. In the last three months that has worked against the performance of the Certificate as we saw a catch-up in our designated ‘less-well-governed’ stocks. However, we keep in mind that good governance is a long-term risk premia, and outperformance should return once the post-Covid reallocation process is complete.

Within sectors themselves there has also been large performance disparities, e.g. in February, just within the long tech positions held in the Certificate, semi-conductor producers and Oracle were the largest outperformers whilst Qualcomm and Apple were among the biggest losers.

The leverage in the certificate is rising (as equity volatility falls) with gross positions rising 40% to 440%, with a net long at 240% and net short at 200%.”

Thanks for reading,

The C8 Team

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