Rotating the book again

All,

We are rotating out of a number of names that have either fulfilled their investment thesis or have failed to do so or have otherwise traded up significantly post March and therefore hold more beta than alpha now:

Adient SUNs - have fulfilled thesis and are more of a beta name. We hold on to the SSNs while looking to re-deploy the cash. 

Southern Water - never got downgraded to drop as per thesis. Was a cheap short, but did not come off.

Antolin - was a portfolio trade on past knowledge of the company and has traded up. No further view from here.

Boparan - has fulfilled investment thesis, but not waiting for the deal.

More adjustments to follow as we re-position for a second lock-down wave from an expensive starting point.

Wolfgang