Newsletter November 2018

December 15, 2018

Legends Fund posted a 1.45% loss in November. Losses were concentrated with some of the relative value focused funds as a
deleveraging wave hit markets and funds with large gross books suffered disproportionately. Another driver of the negative return in
November was the fact that discounts in our listed Pershing Square and Third Point positions widened significantly during the month,
further contributing to their already attractive valuations.

Read the full Performance Update here

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