Monthly Letter November 2016

Madrague Equity Long/Short is among the seven funds nominated for the Eurohedge Awards in the European Equity – AuM USD 500mln category. We are proud to announce this as it is our second nomina on in four years. Winning, or being nominated, one year is very pres gious, but it is a bit like clinging on to the green jersey in the Tour de France. We are in a long race where compounding is the single most important factor. Forget about the sprints and worry about the long run. We do, however, treat every small piece of news as an important sprint in or- der to eagerly move forward in the big race. Anyway, we are happy to have been able to deliver outstanding returns for our investors.

We allow ourselves a pat on the back and then it is back to the everyday grinding again. Speaking about grinding, November has been one of our most hec c months in 2016 when it comes to ac vi es. We have par cipated in technology conferences in Barcelona, London and Phoenix, a chemical conference in New York, a low carbon conference in London, a media company capital markets day and a number of company mee ngs. For December, we are scheduled to a end conferences covering media, industrial goods and autos, as well as a Greek conference. Overall so far in 2016, we have had in excess of 400 company mee ngs. This is the cornerstone of what we do and how we nd our long and short posi ons.

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