Amara - comment

Bonds dropped on what we believe to be a reaction from the Intersolar, which must have been a morbid affair this year. We don’t think Amara will run out of money between now and 2028, and as of today, running yield is at 20%. Amara is a good company but exposed to a highly cyclical sector that is generally growing strongly, except for the next years as we are pushing out Paris climate goals. We were toying with the idea of going long in our last piece and are coming closer to dipping our toes, but the weakness out there is probably still not fully priced in here and we remain reluctant to catch the falling knife.