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

‘There were further gains in the Certificate in May, rising by 1.7%, as the ‘Good Governance’ premia continues to benefit from large position unwinding in the US equity market, this time in ARK ETFs.  The Certificate is up 6.0% in the year to May.

Looking at the underlying equities, strong results from Gartner, corporate advisory, was the largest positive contributor with Snap-On Inc not far behind. Both are beneficiaries of the re-opening of the US economy.  On the counter side, HP was hit, and Apple to a lesser extent, as this reopening is expected to reduce PC and printer sales.

In terms of the overall portfolio leverage, this rose from Long/Short 225/185% to 230/190%, as market volatility fell back, just above the long-term average leverage of 215/175%.’

Thanks for reading,

The C8 Team

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