Opportunities for 2020 worth spending time on now and other names to avoid

All,

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,

Wolfgang