Newsletter June 2018

Legends Fund gained 0.62% in June. It was a good result in a difficult month for hedge funds in general (HFRX Global HF Index:
-0.48%) and negative equity markets (MSCI World TR: -0.50%). Pershing Square Holdings (+5.5%) was a top contributor for the third
month in a row, and Andurand (+2.3%) and Autonomy (+1.0%) also performed well.

There is a lot going on in markets with the protectionist moves initiated by the US, currency blow-ups and stock market declines in
various emerging markets, US rate rises and a flattening yield curve and the risk of the situation in Italy spinning out of control. Probably,
the largest overall theme is that we are now entering a period of net liquidity subtraction after 10 years of monetary stimulus. There can
be little doubt that this will lead to a return of dispersion between securities across asset classes, providing a fertile backdrop for our
unconstrained managers to make money on both the long and the short side.

Read the full Performance Update here