Please find this week’s version of the market overview sheet here.

Overall, the movements last week were on balance positive.

As you know, we have added another member to the team, which greatly increases our capacity to work on more names.

We have thus taken the time over the easter days to review opportunity set in the market and have assembled a list of names we feel are worth spending time on now - some of which we like (see previous mails), as well as those we would not spend resources on now unless already involved.

In terms of Action, the initial focus lies on opportunities that could benefit early from a European post Covid-19 re-opening. More complex names or names that will likely take longer to recover are not among the Focus names now.

Here to discuss,

Please find a new Macro Overview Sheet here.

We have cast the net wider and have included more names in the PDF version.

We have recently begun uploading a Macro Overview Excel file:

The AOM index:

The predecessor to this file first came to life as a risk management tool. Away from all the indices markets were tracking, we

On the state of affairs:

Much of the economic damage will only become apparent and quantifiable only when people return to work. The macro result will likely be more stagflation for