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"gemini_markdown": "**YARRA SQUARE PARTNERS**\n\n**INVESTOR PRESENTATION**\n\nQ4 2023\n\n---\n\nSTRICTLY CONFIDENTIAL\n\n*[QR Code]*\nLearn more about us",
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"markdown": "**YARRA SQUARE PARTNERS**\n\n**INVESTOR PRESENTATION**\n\nQ4 2023\n\n---\n\nSTRICTLY CONFIDENTIAL\n\n*[QR Code]*\nLearn more about us",
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"gemini_markdown": "# IMPORTANT DISCLOSURES\n\nTHIS DOCUMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY INTERESTS AND/OR SHARES IN A FUND (THE “FUND”) MANAGED BY YARRA SQUARE PARTNERS LP (“YARRA SQUARE” OR THE “FIRM”). AN OFFERING OF INTERESTS OR SHARES WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (“MEMORANDUM”) AND ONLY TO QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW.\n\nAn investment in the Fund is speculative and involves a high degree of risk. The Fund is not intended to be a complete investment program. Yarra Square is a newly formed entity with no operating history and intends to employ certain strategies and techniques, such as concentrating the Fund’s portfolio primarily in the financial services sector, short selling and the use of leverage and derivatives, which may increase the risk of investment loss. Yarra Square’s investment program involves substantial risk, including the loss of principal, and no assurance can be given that the Fund’s investment objectives will be achieved. As a result, the Fund’s performance may be volatile, and an investor could lose all or a substantial amount of his or her investment. The Fund’s fees and expenses may offset trading profits. There can be no assurances that the Fund will have a return on invested capital similar to the returns of other funds or accounts with which Victor Ho was associated, due to differences in investment policies, risk parameters, economic conditions, regulatory climate, portfolio size, leverage, fee structure and expenses. Past performance is not a guarantee of, and is not necessarily indicative of, future results.\n\nThe Fund will also have substantial limitations on investors’ ability to withdraw or transfer their shares or interests therein, and no secondary market for the Fund’s shares or interests exists or is expected to develop, so investors may not have access to capital when needed. All of these risks, and other important risks, are described in detail in the Fund’s Memorandum. Prospective investors are strongly urged to review the Fund’s Memorandum carefully and consult with their own financial, legal and tax advisors before investing.\n\nThe development of an investment strategy for the Fund is an ongoing process. The strategies, techniques and methods described herein, and the securities in which the Fund may invest, will therefore be modified by Yarra Square from time to time and over time. Nothing in this document shall in any way be deemed to limit the investment strategies, techniques, methods or processes which Yarra Square may adopt for the Fund, the factors that Yarra Square may take into account in analyzing investments for the Fund or the securities in which the Fund may invest. Depending on conditions and trends in securities markets and the economy generally, Yarra Square may pursue other objectives, or employ other strategies, techniques, methods or processes and/or invest in different types of securities, in each case, that it considers appropriate and in the best interest of the Fund without notice to or the consent of investors.\n\nCertain information contained in this investor presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events, results or the actual performance of the Fund’s investments may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this investor presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future.\n\nThe information in this investor presentation is current as of the date listed on the cover page and is subject to change or amendment. The delivery of this investor presentation at any time does not imply that the information contained herein is correct at any time subsequent to such date. Certain information contained herein has been supplied to Yarra Square by outside sources. While Yarra Square believes such sources are reliable, it cannot guarantee the accuracy or completeness of any such information.\n\nThe information presented herein is confidential and proprietary, and may not be (i) used by, or on behalf of, you for any purpose other than evaluating an initial or continued investment in the Fund, or (ii) disclosed by, or on behalf of, you to any third party, in each case except with the prior written consent of Yarra Square . \n\nThis investor presentation does not constitute an offer of interests or shares in the Fund to investors domiciled or with a registered office in the European Economic Area (“EEA”). None of the Fund, Yarra Square or any of their respective affiliates currently intends to engage in any marketing (as defined in the Alternative Investment Fund Managers Directive) in the EEA with respect to interests or shares in the Fund. Receipt of this investor presentation by an EEA investor is solely in response to a request for information about the Fund which was initiated by such investor. Any other receipt of this investor presentation is in error and the recipient thereof shall immediately return to the Fund, or destroy, this investor presentation without any use, dissemination, distribution or copying of the information set forth in this investor presentation.\n\nSTRICTLY CONFIDENTIAL | 1",
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"markdown": "# IMPORTANT DISCLOSURES\n\nTHIS DOCUMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY INTERESTS AND/OR SHARES IN A FUND (THE “FUND”) MANAGED BY YARRA SQUARE PARTNERS LP (“YARRA SQUARE” OR THE “FIRM”). AN OFFERING OF INTERESTS OR SHARES WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (“MEMORANDUM”) AND ONLY TO QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW.\n\nAn investment in the Fund is speculative and involves a high degree of risk. The Fund is not intended to be a complete investment program. Yarra Square is a newly formed entity with no operating history and intends to employ certain strategies and techniques, such as concentrating the Fund’s portfolio primarily in the financial services sector, short selling and the use of leverage and derivatives, which may increase the risk of investment loss. Yarra Square’s investment program involves substantial risk, including the loss of principal, and no assurance can be given that the Fund’s investment objectives will be achieved. As a result, the Fund’s performance may be volatile, and an investor could lose all or a substantial amount of his or her investment. The Fund’s fees and expenses may offset trading profits. There can be no assurances that the Fund will have a return on invested capital similar to the returns of other funds or accounts with which Victor Ho was associated, due to differences in investment policies, risk parameters, economic conditions, regulatory climate, portfolio size, leverage, fee structure and expenses. Past performance is not a guarantee of, and is not necessarily indicative of, future results.\n\nThe Fund will also have substantial limitations on investors’ ability to withdraw or transfer their shares or interests therein, and no secondary market for the Fund’s shares or interests exists or is expected to develop, so investors may not have access to capital when needed. All of these risks, and other important risks, are described in detail in the Fund’s Memorandum. Prospective investors are strongly urged to review the Fund’s Memorandum carefully and consult with their own financial, legal and tax advisors before investing.\n\nThe development of an investment strategy for the Fund is an ongoing process. The strategies, techniques and methods described herein, and the securities in which the Fund may invest, will therefore be modified by Yarra Square from time to time and over time. Nothing in this document shall in any way be deemed to limit the investment strategies, techniques, methods or processes which Yarra Square may adopt for the Fund, the factors that Yarra Square may take into account in analyzing investments for the Fund or the securities in which the Fund may invest. Depending on conditions and trends in securities markets and the economy generally, Yarra Square may pursue other objectives, or employ other strategies, techniques, methods or processes and/or invest in different types of securities, in each case, that it considers appropriate and in the best interest of the Fund without notice to or the consent of investors.\n\nCertain information contained in this investor presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events, results or the actual performance of the Fund’s investments may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this investor presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future.\n\nThe information in this investor presentation is current as of the date listed on the cover page and is subject to change or amendment. The delivery of this investor presentation at any time does not imply that the information contained herein is correct at any time subsequent to such date. Certain information contained herein has been supplied to Yarra Square by outside sources. While Yarra Square believes such sources are reliable, it cannot guarantee the accuracy or completeness of any such information.\n\nThe information presented herein is confidential and proprietary, and may not be (i) used by, or on behalf of, you for any purpose other than evaluating an initial or continued investment in the Fund, or (ii) disclosed by, or on behalf of, you to any third party, in each case except with the prior written consent of Yarra Square . \n\nThis investor presentation does not constitute an offer of interests or shares in the Fund to investors domiciled or with a registered office in the European Economic Area (“EEA”). None of the Fund, Yarra Square or any of their respective affiliates currently intends to engage in any marketing (as defined in the Alternative Investment Fund Managers Directive) in the EEA with respect to interests or shares in the Fund. Receipt of this investor presentation by an EEA investor is solely in response to a request for information about the Fund which was initiated by such investor. Any other receipt of this investor presentation is in error and the recipient thereof shall immediately return to the Fund, or destroy, this investor presentation without any use, dissemination, distribution or copying of the information set forth in this investor presentation.\n\nSTRICTLY CONFIDENTIAL | 1",
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"gemini_markdown": "# TABLE OF CONTENTS\n\n| | |\n| :--- | :--- |\n| INTRODUCTION TO YARRA SQUARE | Page 3 |\n| THE YARRA ADVANTAGE | Page 5 |\n| INVESTMENT PHILOSOPHY | Page 6 |\n| INVESTMENT PROCESS | Page 7 |\n| PORTFOLIO CONSTRUCTION | Page 8 |\n| CURRENT ENVIRONMENT | Page 10 |\n| RISK MANAGEMENT | Page 11 |\n| HISTORICAL PERFORMANCE | Page 12 |\n| FUND TERMS & SERVICE PROVIDERS | Page 13 |\n| APPENDIX | Page 14 |\n\nSTRICTLY CONFIDENTIAL | 2",
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"markdown": "# TABLE OF CONTENTS\n\n| | |\n| :--- | :--- |\n| INTRODUCTION TO YARRA SQUARE | Page 3 |\n| THE YARRA ADVANTAGE | Page 5 |\n| INVESTMENT PHILOSOPHY | Page 6 |\n| INVESTMENT PROCESS | Page 7 |\n| PORTFOLIO CONSTRUCTION | Page 8 |\n| CURRENT ENVIRONMENT | Page 10 |\n| RISK MANAGEMENT | Page 11 |\n| HISTORICAL PERFORMANCE | Page 12 |\n| FUND TERMS & SERVICE PROVIDERS | Page 13 |\n| APPENDIX | Page 14 |\n\nSTRICTLY CONFIDENTIAL | 2",
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"gemini_markdown": "# INTRODUCTION TO YARRA SQUARE\nWe have a differentiated investment strategy, distinguished seeder backing, and currently face an alpha rich opportunity set.\n\n***\n\n### DIFFERENTIATED STRATEGY\n\n* Focused on the intersection of two areas which are less efficiently priced by the market: situations undergoing significant change and a longer investment time horizon (multi-year).\n* An opportunistic and distinctive process that combines multiple lenses: Growth/GARP equity investing, private equity style deep dives and event driven unlocking of value. Yarra’s investment team has a distinct combination of styles acquired from best-in-class firms: Growth/GARP (Conatus Capital and New Mountain Capital), Event Driven (Och-Ziff (Sculptor) and Gates Capital) and Private Equity (Castle Harlan and Silver Lake Partners), Data Driven (McKinsey).\n* Perform exhaustive fundamental research to acquire assets with two or three key drivers that we can gain deep insight and conviction around.\n\n***\n\n### STABLE CAPITAL FROM PRE-EMINENT SEEDERS AND ALIGNED INTEREST\n\n* Our portfolio manager has been backed twice by the best hedge fund talent identifiers: (1) Julian Robertson (Tiger Management) seeded Yarra Square in April 2019 and (2) Ken Brody (founder of Taconic Capital) seeded the predecessor fund (Ken’s health issues caused a closure of that firm).\n* Yarra Square is a minority owned manager. A significant majority of the founder’s liquid net worth invested in the Fund. Internal capital of over $20m.\n\n***\n\n### WELL-PLACED TO TAKE ADVANTAGE OF A RICH 2022 OPPORTUNITY SET\n\n* Yarra’s new idea pipeline is currently largely focused on two areas of the market in which it sees a rich set of opportunities: SPAC’s and IPOs. A significant minority of our current portfolio has been sourced from these areas.\n* Portfolio manager with 20+ years investment experience and investment analysts with 10+ years each.\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| **INTRODUCTION** | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 3",
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"markdown": "# INTRODUCTION TO YARRA SQUARE\nWe have a differentiated investment strategy, distinguished seeder backing, and currently face an alpha rich opportunity set.\n\n***\n\n### DIFFERENTIATED STRATEGY\n\n* Focused on the intersection of two areas which are less efficiently priced by the market: situations undergoing significant change and a longer investment time horizon (multi-year).\n* An opportunistic and distinctive process that combines multiple lenses: Growth/GARP equity investing, private equity style deep dives and event driven unlocking of value. Yarra’s investment team has a distinct combination of styles acquired from best-in-class firms: Growth/GARP (Conatus Capital and New Mountain Capital), Event Driven (Och-Ziff (Sculptor) and Gates Capital) and Private Equity (Castle Harlan and Silver Lake Partners), Data Driven (McKinsey).\n* Perform exhaustive fundamental research to acquire assets with two or three key drivers that we can gain deep insight and conviction around.\n\n***\n\n### STABLE CAPITAL FROM PRE-EMINENT SEEDERS AND ALIGNED INTEREST\n\n* Our portfolio manager has been backed twice by the best hedge fund talent identifiers: (1) Julian Robertson (Tiger Management) seeded Yarra Square in April 2019 and (2) Ken Brody (founder of Taconic Capital) seeded the predecessor fund (Ken’s health issues caused a closure of that firm).\n* Yarra Square is a minority owned manager. A significant majority of the founder’s liquid net worth invested in the Fund. Internal capital of over $20m.\n\n***\n\n### WELL-PLACED TO TAKE ADVANTAGE OF A RICH 2022 OPPORTUNITY SET\n\n* Yarra’s new idea pipeline is currently largely focused on two areas of the market in which it sees a rich set of opportunities: SPAC’s and IPOs. A significant minority of our current portfolio has been sourced from these areas.\n* Portfolio manager with 20+ years investment experience and investment analysts with 10+ years each.\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| **INTRODUCTION** | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 3",
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"gemini_markdown": "# VICTOR HO\n\nVictor Ho brings over 20 years of experience performing in-depth analysis and stock selection across a broad range of sectors and market cycles.\n\n### Timeline Overview\n\n* **Mallesons** | 1997-1998\n* **McKinsey** | 1999-2000\n* **Harvard** | 2001-2002\n* **Castle Harlan** | 2002-2005\n* **Och-Ziff** | 2005-2007\n* **Conatus Capital** | 2007-2016\n* **Yarra Square Partners** | 2016* - present\n\n---\n\n### Deep-Dive Analytical Training\n\n**M&A Lawyer**\nTrained to think critically: with precision, care, and logic. Speaking and reading with attention to detail and nuance.\n\n**Management Consultant**\nTrained to identify business drivers and perform data driven analyses.\n\n**Harvard**\nMBA (with Distinction)\n\n**University of Melbourne**\nBachelor of Laws (1st Class Honors)\nBachelor of Commerce (Acct/Fin)\n\n### Est. Successful Investment Approach & Track Record\n\n**Private Equity Associate**\nPrivate equity analyst investing in control positions of middle market companies. Developed longer term approach, by knowing what you own and allowing the investment thesis to play out.\n\n**Event Driven Analyst**\nDeveloped disciplined research process, gaining nuanced understanding of sourcing, analysis, sizing, and timing of complex, process-orientated, event-driven and out-of-favor situations.\n\n**Partner & Member of Management Committee**\nDay-one Employee and Partner. Only analyst on the Management Committee, and member of firm’s Risk Committee. Led the recruitment, management and mentoring of junior analysts.\n\nGeneralist with proven record of investing over market cycles. Lead Analyst on a number of the firm’s most successful investments and a significant, consistent P&L contributor from inception.\n\n### Deliver Long-Term Alpha and Capital Preservation\n\n**Founder and CIO**\n20+ years to develop an investment process shaped by:\n* -Critical thinking\n* -Data driven analysis\n* -Longer-term view\n* -Complex changing context\n\nWe search broadly but dive deeply to create a concentrated portfolio.\n\nWe believe we can perform across market cycles and generate alpha on both the long and short side.\n\nYarra Square is minority owned.\n\n---\n\n*Sutton Square’s sole PM and investment team relaunched as Yarra Square in 2019 after winding down Sutton Square due to the sudden health diagnosis received by Sutton’s seed investor Ken Brody (former co-founder of Taconic)\n\n### Footer Navigation\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| **INTRODUCTION** | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n**STRICTLY CONFIDENTIAL | 4**",
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"markdown": "# VICTOR HO\n\nVictor Ho brings over 20 years of experience performing in-depth analysis and stock selection across a broad range of sectors and market cycles.\n\n### Timeline Overview\n\n* **Mallesons** | 1997-1998\n* **McKinsey** | 1999-2000\n* **Harvard** | 2001-2002\n* **Castle Harlan** | 2002-2005\n* **Och-Ziff** | 2005-2007\n* **Conatus Capital** | 2007-2016\n* **Yarra Square Partners** | 2016* - present\n\n---\n\n### Deep-Dive Analytical Training\n\n**M&A Lawyer**\nTrained to think critically: with precision, care, and logic. Speaking and reading with attention to detail and nuance.\n\n**Management Consultant**\nTrained to identify business drivers and perform data driven analyses.\n\n**Harvard**\nMBA (with Distinction)\n\n**University of Melbourne**\nBachelor of Laws (1st Class Honors)\nBachelor of Commerce (Acct/Fin)\n\n### Est. Successful Investment Approach & Track Record\n\n**Private Equity Associate**\nPrivate equity analyst investing in control positions of middle market companies. Developed longer term approach, by knowing what you own and allowing the investment thesis to play out.\n\n**Event Driven Analyst**\nDeveloped disciplined research process, gaining nuanced understanding of sourcing, analysis, sizing, and timing of complex, process-orientated, event-driven and out-of-favor situations.\n\n**Partner & Member of Management Committee**\nDay-one Employee and Partner. Only analyst on the Management Committee, and member of firm’s Risk Committee. Led the recruitment, management and mentoring of junior analysts.\n\nGeneralist with proven record of investing over market cycles. Lead Analyst on a number of the firm’s most successful investments and a significant, consistent P&L contributor from inception.\n\n### Deliver Long-Term Alpha and Capital Preservation\n\n**Founder and CIO**\n20+ years to develop an investment process shaped by:\n* -Critical thinking\n* -Data driven analysis\n* -Longer-term view\n* -Complex changing context\n\nWe search broadly but dive deeply to create a concentrated portfolio.\n\nWe believe we can perform across market cycles and generate alpha on both the long and short side.\n\nYarra Square is minority owned.\n\n---\n\n*Sutton Square’s sole PM and investment team relaunched as Yarra Square in 2019 after winding down Sutton Square due to the sudden health diagnosis received by Sutton’s seed investor Ken Brody (former co-founder of Taconic)\n\n### Footer Navigation\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| **INTRODUCTION** | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n**STRICTLY CONFIDENTIAL | 4**",
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"gemini_markdown": "# THE YARRA ADVANTAGE\nExperienced team executing a differentiated investment strategy together. \n\n## THE YARRA MODEL\n\n**DIFFERENTIATED INVESTMENT PHILOSOPHY**\n* **Tackle Complexity:** We focus on the intersection of two areas that we believe are likely to be less efficiently priced by the market: longer (often multi-year) time horizons and companies experiencing dramatic change.\n* **Dive Deep:** Our extensive due diligence and primary research draws upon the distinctive experiences we have had in Growth/GARP, event driven and private equity investing.\n* **Concentration:** We use a concentrated portfolio weighting, aligning our research conviction with our investments. This allows performance to be driven more by our investments rather than the overall market. We only invest when we have a differentiated view on the quantity of earnings or quality of our forecast.\n* **Disciplined:** The holding period for long investments is typically one to three years, while short investments generally have a tactical duration of six months to two years.\n\n---\n\n**ALPHA SHORTS**\nWe commit significant resources to generating absolute returns on the short side.\n\n---\n\n**COHESIVE TEAM WITH EXTENSIVE EXPERIENCE**\nInvestment team with complementary skill sets and proven success in Yarra’s strategy. \n\nExperienced senior operational hedge fund professionals \n\n---\n\n**COMMITTED LONG TERM CAPITAL**\nCommitted capital through our seeder, Tiger Management L.L.C., and senior management \n\n---\n\n### Footer Navigation\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| **THE YARRA ADVANTAGE** | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n**STRICTLY CONFIDENTIAL | 5**",
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"markdown": "# THE YARRA ADVANTAGE\nExperienced team executing a differentiated investment strategy together. \n\n## THE YARRA MODEL\n\n**DIFFERENTIATED INVESTMENT PHILOSOPHY**\n* **Tackle Complexity:** We focus on the intersection of two areas that we believe are likely to be less efficiently priced by the market: longer (often multi-year) time horizons and companies experiencing dramatic change.\n* **Dive Deep:** Our extensive due diligence and primary research draws upon the distinctive experiences we have had in Growth/GARP, event driven and private equity investing.\n* **Concentration:** We use a concentrated portfolio weighting, aligning our research conviction with our investments. This allows performance to be driven more by our investments rather than the overall market. We only invest when we have a differentiated view on the quantity of earnings or quality of our forecast.\n* **Disciplined:** The holding period for long investments is typically one to three years, while short investments generally have a tactical duration of six months to two years.\n\n---\n\n**ALPHA SHORTS**\nWe commit significant resources to generating absolute returns on the short side.\n\n---\n\n**COHESIVE TEAM WITH EXTENSIVE EXPERIENCE**\nInvestment team with complementary skill sets and proven success in Yarra’s strategy. \n\nExperienced senior operational hedge fund professionals \n\n---\n\n**COMMITTED LONG TERM CAPITAL**\nCommitted capital through our seeder, Tiger Management L.L.C., and senior management \n\n---\n\n### Footer Navigation\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| **THE YARRA ADVANTAGE** | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n**STRICTLY CONFIDENTIAL | 5**",
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"gemini_markdown": "```markdown\n# INVESTMENT PHILOSOPHY\n\nWe invest at the intersection of two areas that we believe the market is less likely to price efficiently: **longer time horizons** and companies that are experiencing **dramatic change**.\n\n***\n\n### Diagram: Interlocking Investment Categories\nA central illustration features five interlocking gears arranged in a cascading vertical pattern, connecting the \"Short\" strategies on the left with the \"Long\" strategies on the right:\n* **Top Gear (Dark Blue):** Labeled \"Bubbles/Tulips\"\n* **Second Gear (Medium Blue, offset right):** Labeled \"Discontinuous Change\"\n* **Third Gear (Light Blue, offset left):** Labeled \"Discontinuous Change\"\n* **Fourth Gear (Light Grey, offset right):** Labeled \"Compounders\"\n* **Bottom Gear (Dark Grey, offset left):** Labeled \"Cyclicals\"\n\n***\n\n### Left Column: Short Strategies\n\n**Short Bubbles/Tulips**\nManias, bubbles, hypes and fads. These investments will be companies where perception has significantly exceeded reality in the share price.\n\n**Short Discontinuous Change**\nDiscontinuous change frequently results in losers as well as winners e.g., companies experiencing transitions in addressable market, competitive set, market share and/or distribution channel are examples of this.\n\n**Short Cyclicals**\nBooms turning into busts, or where prospects of an extended down cycle exceed consensus expectations in duration or magnitude.\n\n**AGGRESSIVE ACCOUNTING**\n**POLICIES AND/OR SUSPICIONS OF**\n**FRAUD**\n\n### Right Column: Long Strategies\n\n**Long Discontinuous Change**\nExamples include: new management; change of ownership eg acquisition, spin-off or IPO/SPAC; new geographic or product launch; cost restructuring; industry transformation; or new business models.\n\nMispricing often driven by complexity, institutional constraints, forced selling.\n\n**Long Compounders**\n**High Growth/High Moat**\nExceptional topline growth prospects and high barriers to entry; often benefiting from a secular tailwind. \n\n**Smart Wallet**\nGood topline prospects combined with excellence at reinvesting their free cash flow whether this be acquisitions, dividends, or share buybacks, etc. Often these companies are the lowest cost/highest margin performers of their industry and make use of financial leverage.\n\nMispricing often driven by: our longer term versus the market’s shorter term horizon, and/or our level of conviction around future growth potential.\n\n***\n\n### Footer Navigation Table\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| **INVESTMENT PHILOSOPHY** | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 6\n```",
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"markdown": "```markdown\n# INVESTMENT PHILOSOPHY\n\nWe invest at the intersection of two areas that we believe the market is less likely to price efficiently: **longer time horizons** and companies that are experiencing **dramatic change**.\n\n***\n\n### Diagram: Interlocking Investment Categories\nA central illustration features five interlocking gears arranged in a cascading vertical pattern, connecting the \"Short\" strategies on the left with the \"Long\" strategies on the right:\n* **Top Gear (Dark Blue):** Labeled \"Bubbles/Tulips\"\n* **Second Gear (Medium Blue, offset right):** Labeled \"Discontinuous Change\"\n* **Third Gear (Light Blue, offset left):** Labeled \"Discontinuous Change\"\n* **Fourth Gear (Light Grey, offset right):** Labeled \"Compounders\"\n* **Bottom Gear (Dark Grey, offset left):** Labeled \"Cyclicals\"\n\n***\n\n### Left Column: Short Strategies\n\n**Short Bubbles/Tulips**\nManias, bubbles, hypes and fads. These investments will be companies where perception has significantly exceeded reality in the share price.\n\n**Short Discontinuous Change**\nDiscontinuous change frequently results in losers as well as winners e.g., companies experiencing transitions in addressable market, competitive set, market share and/or distribution channel are examples of this.\n\n**Short Cyclicals**\nBooms turning into busts, or where prospects of an extended down cycle exceed consensus expectations in duration or magnitude.\n\n**AGGRESSIVE ACCOUNTING**\n**POLICIES AND/OR SUSPICIONS OF**\n**FRAUD**\n\n### Right Column: Long Strategies\n\n**Long Discontinuous Change**\nExamples include: new management; change of ownership eg acquisition, spin-off or IPO/SPAC; new geographic or product launch; cost restructuring; industry transformation; or new business models.\n\nMispricing often driven by complexity, institutional constraints, forced selling.\n\n**Long Compounders**\n**High Growth/High Moat**\nExceptional topline growth prospects and high barriers to entry; often benefiting from a secular tailwind. \n\n**Smart Wallet**\nGood topline prospects combined with excellence at reinvesting their free cash flow whether this be acquisitions, dividends, or share buybacks, etc. Often these companies are the lowest cost/highest margin performers of their industry and make use of financial leverage.\n\nMispricing often driven by: our longer term versus the market’s shorter term horizon, and/or our level of conviction around future growth potential.\n\n***\n\n### Footer Navigation Table\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| **INVESTMENT PHILOSOPHY** | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 6\n```",
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"gemini_markdown": "# PROVEN INVESTMENT PROCESS\nRepeatable diligence process that establishes a deep working knowledge of a company and a differentiated view on its earnings power.\n\n*The slide features a downward-pointing funnel diagram on the left, illustrating four progressive stages of the investment process. Each stage links to detailed descriptions on the right.*\n\n### IDEA GENERATION\n* **Objective (Funnel Text):** Collaborative process seeking input and feedback from the broader team\n* **TYPICAL SOURCES FOR NEW IDEAS:**\nInternal research, news flow and event tracking, management meetings, conferences, industry analysts\n* **FILTER FOR “WINNING” AND “LOSING” THESIS:**\n * Long: Compounders + Discontinuous Change\n * Short: Discontinuous Change + Bubbles + Cyclicals\n\n### INITIAL ANALYSIS\n* **Objective (Funnel Text):** Deliberately iterative, graduating levels, data-driven, defined breakpoints to avoid commitment bias\n* **PSYCHOLOGICAL SAFETY (SURFACE DILIGENCE):**\nAnalysts and PM discuss ideas after a surface review (< 1 day) which allows for more risk taking, creativity and contribution from the investment team. With PM feedback and approval, a more informative review is conducted (2+ days).\n* **SOCRATIC PITCH:**\nBefore an asymmetrical information edge is formed, the analyst will pitch the thesis to the team who will respond with alternating views\n\n### DEEP DIVE\n* **Objective (Funnel Text):** Thesis confirmation\n * Can we identify key drivers?\n * Can data prove or disprove our hypothesis?\n * Do we have a good risk reward?\n* **DEEP DIVE INVESTIGATION:**\nDeep company analysis including speaking with management, customers, employees, competitors and industry experts. Data centric process.\n* **BIAS CHECK:**\nContinuous refinement of thesis by PM and analyst as new events and information are discovered\n\n### MONITORING\n* **Objective (Funnel Text):** Meritocracy of theses driven by data and transparency\n* **COLLABORATIVE PROCESS:**\nInput and feedback from broader team. Continued monitoring of data sources.\n* **TRANSPARENCY:**\nOngoing challenge to the investment thesis and evaluation of position size\n\n---\n\n**Footer Navigation:**\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | **INVESTMENT PROCESS** | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 7",
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"markdown": "# PROVEN INVESTMENT PROCESS\nRepeatable diligence process that establishes a deep working knowledge of a company and a differentiated view on its earnings power.\n\n*The slide features a downward-pointing funnel diagram on the left, illustrating four progressive stages of the investment process. Each stage links to detailed descriptions on the right.*\n\n### IDEA GENERATION\n* **Objective (Funnel Text):** Collaborative process seeking input and feedback from the broader team\n* **TYPICAL SOURCES FOR NEW IDEAS:**\nInternal research, news flow and event tracking, management meetings, conferences, industry analysts\n* **FILTER FOR “WINNING” AND “LOSING” THESIS:**\n * Long: Compounders + Discontinuous Change\n * Short: Discontinuous Change + Bubbles + Cyclicals\n\n### INITIAL ANALYSIS\n* **Objective (Funnel Text):** Deliberately iterative, graduating levels, data-driven, defined breakpoints to avoid commitment bias\n* **PSYCHOLOGICAL SAFETY (SURFACE DILIGENCE):**\nAnalysts and PM discuss ideas after a surface review (< 1 day) which allows for more risk taking, creativity and contribution from the investment team. With PM feedback and approval, a more informative review is conducted (2+ days).\n* **SOCRATIC PITCH:**\nBefore an asymmetrical information edge is formed, the analyst will pitch the thesis to the team who will respond with alternating views\n\n### DEEP DIVE\n* **Objective (Funnel Text):** Thesis confirmation\n * Can we identify key drivers?\n * Can data prove or disprove our hypothesis?\n * Do we have a good risk reward?\n* **DEEP DIVE INVESTIGATION:**\nDeep company analysis including speaking with management, customers, employees, competitors and industry experts. Data centric process.\n* **BIAS CHECK:**\nContinuous refinement of thesis by PM and analyst as new events and information are discovered\n\n### MONITORING\n* **Objective (Funnel Text):** Meritocracy of theses driven by data and transparency\n* **COLLABORATIVE PROCESS:**\nInput and feedback from broader team. Continued monitoring of data sources.\n* **TRANSPARENCY:**\nOngoing challenge to the investment thesis and evaluation of position size\n\n---\n\n**Footer Navigation:**\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | **INVESTMENT PROCESS** | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 7",
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"gemini_markdown": "# PORTFOLIO CONSTRUCTION\n\nYarra Square’s portfolio is constructed bottom-up.\n\n---\n\n## TYPICAL PORTFOLIO CHARACTERISTICS\n\n**HOLDINGS**\n15 to 20 longs\n20 to 30 shorts\n\n**CONCENTRATION** \nTop 5 longs: ~35-45% of AUM\nTop 5 shorts: ~12-15%\nLong Sizing at Entry: ~3%-10%, max ~15%\nShort Sizing at Entry: ~1.5-4.0%, max ~5%\n\n**GROSS EXPOSURE**\n~ 120% to 170% of AUM\n\n**GUIDELINE NET EXPOSURE** \n~ 25-75%\n\n**GEOGRAPHIC EXPOSURE** \nPrimarily U.S. and developed markets (longs) and global (shorts) \n\n**INVESTMENT HORIZON**\nLong positions: One to three+ years\nShort positions: Six months to two+ years\n\n**INDUSTRY**\nGeneralists (avoid biotech and energy)\n\n---\n\n## LARGEST INVESTMENTS BY THESIS (JUNE 2022)\n\n**[Visual Data Representation: Investment Theme Gear Diagram]**\n\n*A structural diagram consisting of five interlocking gears in the center, flanked by sector themes/icons on the left and specific company logos on the right. The left side broadly corresponds to short themes, and the right side corresponds to long themes.*\n\n**Central Interlocking Gears:**\n* **Top Gear (Dark Blue):** \"Short Bubbles/Tulips\"\n* **Middle Left Gear (Bright Blue):** \"Short Discontinuous Change\"\n* **Middle Right Gear (Light Blue):** \"Long Discontinuous Change\"\n* **Bottom Left Gear (Dark Grey):** \"Short Cyclicals\"\n* **Bottom Right Gear (Light Grey):** \"Long Compounders\"\n\n**Left Side (Sector Themes, Icons & Logos):**\n* **Logo:** eV (Electric Vehicles Drive the Future)\n* **Logo:** PetMeds (America's Most Trusted Pet Pharmacy)\n* **Icon:** A shopping cart with text \"CONSUMER PRODUCTS\"\n* **Icon:** A bronze bull and a bear with text \"ASSET MANAGERS\"\n* **Icon:** Three different styles of grills with text \"OUTDOOR GRILLS\"\n* **Bottom Text Label:** \"AGGRESSIVE ACCOUNTING POLICIES AND/OR SUSPICIONS OF FRAUD\"\n\n**Right Side (Company Logos):**\n* **WILLSCOT** (Navy blue text in a rectangular border)\n* **gogo** (Red text with a blue cloud/arrow symbol)\n* **BLUE OWL** (Blue owl outline and text)\n* **MARRIOTT VACATION CLUB** (Grey/black text)\n* **FLEETCOR** (Grey text with red curved abstract symbol)\n\n---\n\n### Footer Navigation & Disclosures\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | **PORTFOLIO CONSTRUCTION** | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n*Note: The portfolio construction characteristics and other parameters described above are estimates and are provided for illustrative purposes only and are based on Yarra Square’s perception of such matters as of the date set forth on the cover page of this document. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction philosophy and characteristics set forth above should not be relied upon as being in effect at any point in time and will vary over time without notice to or the consent of investors.*\n\nSTRICTLY CONFIDENTIAL | 8",
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"markdown": "# PORTFOLIO CONSTRUCTION\n\nYarra Square’s portfolio is constructed bottom-up.\n\n---\n\n## TYPICAL PORTFOLIO CHARACTERISTICS\n\n**HOLDINGS**\n15 to 20 longs\n20 to 30 shorts\n\n**CONCENTRATION** \nTop 5 longs: ~35-45% of AUM\nTop 5 shorts: ~12-15%\nLong Sizing at Entry: ~3%-10%, max ~15%\nShort Sizing at Entry: ~1.5-4.0%, max ~5%\n\n**GROSS EXPOSURE**\n~ 120% to 170% of AUM\n\n**GUIDELINE NET EXPOSURE** \n~ 25-75%\n\n**GEOGRAPHIC EXPOSURE** \nPrimarily U.S. and developed markets (longs) and global (shorts) \n\n**INVESTMENT HORIZON**\nLong positions: One to three+ years\nShort positions: Six months to two+ years\n\n**INDUSTRY**\nGeneralists (avoid biotech and energy)\n\n---\n\n## LARGEST INVESTMENTS BY THESIS (JUNE 2022)\n\n**[Visual Data Representation: Investment Theme Gear Diagram]**\n\n*A structural diagram consisting of five interlocking gears in the center, flanked by sector themes/icons on the left and specific company logos on the right. The left side broadly corresponds to short themes, and the right side corresponds to long themes.*\n\n**Central Interlocking Gears:**\n* **Top Gear (Dark Blue):** \"Short Bubbles/Tulips\"\n* **Middle Left Gear (Bright Blue):** \"Short Discontinuous Change\"\n* **Middle Right Gear (Light Blue):** \"Long Discontinuous Change\"\n* **Bottom Left Gear (Dark Grey):** \"Short Cyclicals\"\n* **Bottom Right Gear (Light Grey):** \"Long Compounders\"\n\n**Left Side (Sector Themes, Icons & Logos):**\n* **Logo:** eV (Electric Vehicles Drive the Future)\n* **Logo:** PetMeds (America's Most Trusted Pet Pharmacy)\n* **Icon:** A shopping cart with text \"CONSUMER PRODUCTS\"\n* **Icon:** A bronze bull and a bear with text \"ASSET MANAGERS\"\n* **Icon:** Three different styles of grills with text \"OUTDOOR GRILLS\"\n* **Bottom Text Label:** \"AGGRESSIVE ACCOUNTING POLICIES AND/OR SUSPICIONS OF FRAUD\"\n\n**Right Side (Company Logos):**\n* **WILLSCOT** (Navy blue text in a rectangular border)\n* **gogo** (Red text with a blue cloud/arrow symbol)\n* **BLUE OWL** (Blue owl outline and text)\n* **MARRIOTT VACATION CLUB** (Grey/black text)\n* **FLEETCOR** (Grey text with red curved abstract symbol)\n\n---\n\n### Footer Navigation & Disclosures\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | **PORTFOLIO CONSTRUCTION** | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n*Note: The portfolio construction characteristics and other parameters described above are estimates and are provided for illustrative purposes only and are based on Yarra Square’s perception of such matters as of the date set forth on the cover page of this document. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction philosophy and characteristics set forth above should not be relied upon as being in effect at any point in time and will vary over time without notice to or the consent of investors.*\n\nSTRICTLY CONFIDENTIAL | 8",
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"gemini_markdown": "### THE RESULT OF A DIFFERENTIATED AND INDEPENDENT VIEW\nYarra’s differentiated skill set and focus means we find rewarding ideas away from the crowd\n\n---\n\n**Our DNA:**\n* Primary bottoms-up fundamental research with a GARP/Growth lens\n* Private Equity mindset with a focus on names that are at crossroads\n* Embrace complex corporate events or balance sheet activity and avoid hard-to-understand business models\n\n**Our Top 5 Longs:**\n* Are only “Core positions”⁴ in 8 other funds on average and generally not held by Tiger Cubs¹\n* On average, are covered by 12 analyst vs S&P 500 stock’s average of 21⁴\n\n---\n\n*(Table note: The table below is grouped by three main categories in the original slide: **Yarra's Top 5 Long Positions (July 2022)** covers the first four columns; **Hedge Fund Peers³** (Based on ~2,500 13F hedge funds tracked by Whalewisdom 2022Q1) covers the next three columns; and **Street⁴** covers the final column.)*\n\n| Issues/Themes | Initial Entry Date | Portfolio Weight | YTD Return Contribution | Tiger Cubs¹'³ | Core Position²'³ | All Hedge Funds³ | Sell Side Coverage |\n| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |\n| **WillScot**<br>*(Industrials)* | Apr 2019 | 17% | (1.0%) | 1 | 21 | 124 | 12 |\n| **Blue Owl**<br>*(Financial)* | Apr 2021 | 10% | (1.8%) | 0 | 5 | 44 | 9 |\n| **Fleetcor**<br>*(Technology)* | Apr 2019 | 8% | (0.3%) | 1 | 5 | 121 | 23 |\n| **Marriot Vacations**<br>*(Consumer Discretionary)* | Aug 2019 | 8% | (1.8%) | 0 | 3 | 85 | 10 |\n| **Gogo Inc**<br>*(Technology)* | Nov 2021 | 6% | 2.01% | 0 | 5 | 56 | 8 |\n| **Average** | | | | **0** | **8** | **86** | **12** |\n\n---\n\n**Footnotes:**\n1. Tiger Cubs (Active): Bridger, Coatue, Discovery, Healthcor, Impala, Joho, Lone Pine, Maverick, Sun Valley, Tiger Global, Toscafund, Viking Global\n2. Core Position: A hedge fund that holds the position in its Top Ten 13F holdings according to Whalewisodom.com. \n3. Source: Whalewisdom.com and most recent 13F filings (Q1 2022). Whalewisdom tracks over 2,500 13F filing hedge funds. \n4. Source Bloomberg’s “ANR” on average as of 2022Q1\n\n---\n\n**Footer Navigation:**\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION<br>THE YARRA ADVANTAGE<br>INVESTMENT PHILOSOPHY | INVESTMENT PROCESS<br>**PORTFOLIO CONSTRUCTION**<br>CURRENT ENVIRONMENT | RISK MANAGEMENT<br>HISTORICAL PERFORMANCE<br>FUND TERMS & SERVICE PROVIDERS | APPENDIX |\n\n**STRICTLY CONFIDENTIAL | 9**",
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"markdown": "### THE RESULT OF A DIFFERENTIATED AND INDEPENDENT VIEW\nYarra’s differentiated skill set and focus means we find rewarding ideas away from the crowd\n\n---\n\n**Our DNA:**\n* Primary bottoms-up fundamental research with a GARP/Growth lens\n* Private Equity mindset with a focus on names that are at crossroads\n* Embrace complex corporate events or balance sheet activity and avoid hard-to-understand business models\n\n**Our Top 5 Longs:**\n* Are only “Core positions”⁴ in 8 other funds on average and generally not held by Tiger Cubs¹\n* On average, are covered by 12 analyst vs S&P 500 stock’s average of 21⁴\n\n---\n\n*(Table note: The table below is grouped by three main categories in the original slide: **Yarra's Top 5 Long Positions (July 2022)** covers the first four columns; **Hedge Fund Peers³** (Based on ~2,500 13F hedge funds tracked by Whalewisdom 2022Q1) covers the next three columns; and **Street⁴** covers the final column.)*\n\n| Issues/Themes | Initial Entry Date | Portfolio Weight | YTD Return Contribution | Tiger Cubs¹'³ | Core Position²'³ | All Hedge Funds³ | Sell Side Coverage |\n| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |\n| **WillScot**<br>*(Industrials)* | Apr 2019 | 17% | (1.0%) | 1 | 21 | 124 | 12 |\n| **Blue Owl**<br>*(Financial)* | Apr 2021 | 10% | (1.8%) | 0 | 5 | 44 | 9 |\n| **Fleetcor**<br>*(Technology)* | Apr 2019 | 8% | (0.3%) | 1 | 5 | 121 | 23 |\n| **Marriot Vacations**<br>*(Consumer Discretionary)* | Aug 2019 | 8% | (1.8%) | 0 | 3 | 85 | 10 |\n| **Gogo Inc**<br>*(Technology)* | Nov 2021 | 6% | 2.01% | 0 | 5 | 56 | 8 |\n| **Average** | | | | **0** | **8** | **86** | **12** |\n\n---\n\n**Footnotes:**\n1. Tiger Cubs (Active): Bridger, Coatue, Discovery, Healthcor, Impala, Joho, Lone Pine, Maverick, Sun Valley, Tiger Global, Toscafund, Viking Global\n2. Core Position: A hedge fund that holds the position in its Top Ten 13F holdings according to Whalewisodom.com. \n3. Source: Whalewisdom.com and most recent 13F filings (Q1 2022). Whalewisdom tracks over 2,500 13F filing hedge funds. \n4. Source Bloomberg’s “ANR” on average as of 2022Q1\n\n---\n\n**Footer Navigation:**\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION<br>THE YARRA ADVANTAGE<br>INVESTMENT PHILOSOPHY | INVESTMENT PROCESS<br>**PORTFOLIO CONSTRUCTION**<br>CURRENT ENVIRONMENT | RISK MANAGEMENT<br>HISTORICAL PERFORMANCE<br>FUND TERMS & SERVICE PROVIDERS | APPENDIX |\n\n**STRICTLY CONFIDENTIAL | 9**",
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"gemini_markdown": "# CURRENT ENVIRONMENT\n\nWe believe the SPAC IPO “Boom” and frothy IPO valuations present long & short opportunities\n\n> “The recent “boom” in SPACs and IPOs has led to an unusually rich opportunity set to make money both on the long and short side of our portfolio. The less stringent regulatory requirements for SPACs to publicly list has led to several poor-quality businesses being brought to market. A similar dynamic can be found in the IPO market with what we considered to be frothy valuations being attributed to many dubious businesses.”\n> *Yarra Square’s Investor Letter 2021 Q3*\n\n***\n\n## Left Column\n\n### SPAC IPO Activity\n(IPO Count)\n\n**Summary Comparison:**\n| 2017 to 2020 | | 2021 YTD |\n| :--- | :---: | :--- |\n| 511 IPOs | **VS** | 534 |\n| $127.5 bn raised | **VS** | $150.5 |\n\n**Bar Chart: SPAC IPO Activity by Quarter**\n* **Structure:** A vertical bar chart showing the count of SPAC IPOs per quarter from Q1 2017 through Q3 2021. \n* **X-Axis:** Quarters (Q1, Q2, Q3, Q4) grouped by Year (2017, 2018, 2019, 2020, 2021).\n* **Y-Axis:** Implied count of IPOs.\n* **Data Values (from labels above each bar):**\n * **2017:** Q1 (6), Q2 (10), Q3 (16), Q4 (18)\n * **2018:** Q1 (26), Q2 (23), Q3 (20), Q4 (24)\n * **2019:** Q1 (22), Q2 (22), Q3 (24), Q4 (24)\n * **2020:** Q1 (19), Q2 (25), Q3 (89 - *Initial spike begins*), Q4 (143 - *Strong upward trend*)\n * **2021:** Q1 (317 - *Major peak / highest value*), Q2 (106 - *Sharp drop*), Q3 (111)\n\n(Source: Pitchbook | Geography: US)\n\n**The first 9 months of 2021 recorded more SPAC IPOs than were recorded in the prior 4 years.**\n\n***\n\n## Right Column\n\n### Distribution of IPO Returns Post IPO\n\n**Stacked Bar Chart: Post-IPO Returns Over Time**\n* **Structure:** A 100% stacked bar chart (diverging) extending upwards and downwards from a 0% baseline to show the distribution of post-IPO returns relative to an index. \n* **Y-Axis:** \"% of Total IPOs\", extending from 0% up to 60% (positive returns) and 0% down to -60% (negative returns). Dotted horizontal reference lines are present at 50% (\"50% Above\") and -50% (\"50% Below\").\n* **X-Axis:** \"Days Past First Trade Date\" representing time horizons: 1-Day, 5-Days, 1mo, 3mo, .5 Yr, 1Yr, 2 Yr, 3 Yr.\n* **Legend (Index-Adjusted Ranges):**\n * **Positive (Stacked upward from 0):** 0 to 2.5%, 2.5 to 5%, 5 to 10%, Greater than 10% (Darkest green, top stack)\n * **Negative (Stacked downward from 0):** 0 to -2.5%, -2.5 to -5%, -5 to -10%, Worse than -10% (Darkest red, bottom stack)\n* **Trend & Labeled Values Observation:**\n As time progresses from 1-Day to 3 Years, the middle tiers shrink drastically, and the extreme tiers (\"Greater than 10%\" and \"Worse than -10%\") expand to consume the vast majority of the distribution, creating a polarized \"fat tail\" effect.\n * **1-Day:** Top green (8%), 2nd green (12%), bottom green (26%). Lower red segments labeled 26%, 11%, and bottom dark red (7%). \n * **5-Days:** Top green expands to 14%, middle greens are 11%, 11%, 17%. Bottom red expands to 10%.\n * **1mo:** Top green (25%), bottom red (20%).\n * **3mo:** Top green (34%), bottom red (32%). Extreme tiers are now the largest segments.\n * **.5 Yr:** Top green (33%), bottom red (42%). \n * **1Yr:** Top green (34%), bottom red (50%). The worst performing segment hits the 50% line.\n * **2 Yr:** Top green (31%), bottom red (60%). \n * **3 Yr:** Top green (29%), bottom red (64%). By year 3, nearly 93% of all IPOs sit in the two most extreme return buckets.\n\nSource Factset, Nasdaq from 2010 to 2020\n\n**A large proportion of IPOs either significantly under or over perform the indices.**\n\nNote: Returns indexed to closing price of first trade date. Small cap companies indexed relative to the Russell 2000, Large Cap companies indexed relative to the S&P 500.\n\n***\n\n## Footer\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | **CURRENT ENVIRONMENT** | FUND TERMS & SERVICE PROVIDERS | |\n\n*(Graphic logo consisting of grouped grey and blue squares in a geometric pattern)*\n\nSTRICTLY CONFIDENTIAL | 10",
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"markdown": "# CURRENT ENVIRONMENT\n\nWe believe the SPAC IPO “Boom” and frothy IPO valuations present long & short opportunities\n\n> “The recent “boom” in SPACs and IPOs has led to an unusually rich opportunity set to make money both on the long and short side of our portfolio. The less stringent regulatory requirements for SPACs to publicly list has led to several poor-quality businesses being brought to market. A similar dynamic can be found in the IPO market with what we considered to be frothy valuations being attributed to many dubious businesses.”\n> *Yarra Square’s Investor Letter 2021 Q3*\n\n***\n\n## Left Column\n\n### SPAC IPO Activity\n(IPO Count)\n\n**Summary Comparison:**\n| 2017 to 2020 | | 2021 YTD |\n| :--- | :---: | :--- |\n| 511 IPOs | **VS** | 534 |\n| $127.5 bn raised | **VS** | $150.5 |\n\n**Bar Chart: SPAC IPO Activity by Quarter**\n* **Structure:** A vertical bar chart showing the count of SPAC IPOs per quarter from Q1 2017 through Q3 2021. \n* **X-Axis:** Quarters (Q1, Q2, Q3, Q4) grouped by Year (2017, 2018, 2019, 2020, 2021).\n* **Y-Axis:** Implied count of IPOs.\n* **Data Values (from labels above each bar):**\n * **2017:** Q1 (6), Q2 (10), Q3 (16), Q4 (18)\n * **2018:** Q1 (26), Q2 (23), Q3 (20), Q4 (24)\n * **2019:** Q1 (22), Q2 (22), Q3 (24), Q4 (24)\n * **2020:** Q1 (19), Q2 (25), Q3 (89 - *Initial spike begins*), Q4 (143 - *Strong upward trend*)\n * **2021:** Q1 (317 - *Major peak / highest value*), Q2 (106 - *Sharp drop*), Q3 (111)\n\n(Source: Pitchbook | Geography: US)\n\n**The first 9 months of 2021 recorded more SPAC IPOs than were recorded in the prior 4 years.**\n\n***\n\n## Right Column\n\n### Distribution of IPO Returns Post IPO\n\n**Stacked Bar Chart: Post-IPO Returns Over Time**\n* **Structure:** A 100% stacked bar chart (diverging) extending upwards and downwards from a 0% baseline to show the distribution of post-IPO returns relative to an index. \n* **Y-Axis:** \"% of Total IPOs\", extending from 0% up to 60% (positive returns) and 0% down to -60% (negative returns). Dotted horizontal reference lines are present at 50% (\"50% Above\") and -50% (\"50% Below\").\n* **X-Axis:** \"Days Past First Trade Date\" representing time horizons: 1-Day, 5-Days, 1mo, 3mo, .5 Yr, 1Yr, 2 Yr, 3 Yr.\n* **Legend (Index-Adjusted Ranges):**\n * **Positive (Stacked upward from 0):** 0 to 2.5%, 2.5 to 5%, 5 to 10%, Greater than 10% (Darkest green, top stack)\n * **Negative (Stacked downward from 0):** 0 to -2.5%, -2.5 to -5%, -5 to -10%, Worse than -10% (Darkest red, bottom stack)\n* **Trend & Labeled Values Observation:**\n As time progresses from 1-Day to 3 Years, the middle tiers shrink drastically, and the extreme tiers (\"Greater than 10%\" and \"Worse than -10%\") expand to consume the vast majority of the distribution, creating a polarized \"fat tail\" effect.\n * **1-Day:** Top green (8%), 2nd green (12%), bottom green (26%). Lower red segments labeled 26%, 11%, and bottom dark red (7%). \n * **5-Days:** Top green expands to 14%, middle greens are 11%, 11%, 17%. Bottom red expands to 10%.\n * **1mo:** Top green (25%), bottom red (20%).\n * **3mo:** Top green (34%), bottom red (32%). Extreme tiers are now the largest segments.\n * **.5 Yr:** Top green (33%), bottom red (42%). \n * **1Yr:** Top green (34%), bottom red (50%). The worst performing segment hits the 50% line.\n * **2 Yr:** Top green (31%), bottom red (60%). \n * **3 Yr:** Top green (29%), bottom red (64%). By year 3, nearly 93% of all IPOs sit in the two most extreme return buckets.\n\nSource Factset, Nasdaq from 2010 to 2020\n\n**A large proportion of IPOs either significantly under or over perform the indices.**\n\nNote: Returns indexed to closing price of first trade date. Small cap companies indexed relative to the Russell 2000, Large Cap companies indexed relative to the S&P 500.\n\n***\n\n## Footer\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | **CURRENT ENVIRONMENT** | FUND TERMS & SERVICE PROVIDERS | |\n\n*(Graphic logo consisting of grouped grey and blue squares in a geometric pattern)*\n\nSTRICTLY CONFIDENTIAL | 10",
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"gemini_markdown": "# RISK MANAGEMENT \nActive risk management at multiple levels, real-time and throughout the investment process\n\n### POSITION SIZING\n\n**COMPANY**\nYarra Square’s level of conviction in base case, overall risk/reward, and our degree of variance from consensus.\n\nVolatility of underlying economic performance.\n\n**MARKET**\nExposure to market factors e.g. beta, momentum, value etc.\n\nCrowdedness by hedge funds.\n\n**PORTFOLIO**\nMarginal contribution to portfolio risk.\n\nPre-existing portfolio risk levels e.g. gross and net, industry, and geographic exposures.\n\nBalance of factor exposures.\n\n***\n\n### POSITION GUIDELINES\n\n**MAXIMUM POSITION SIZES**\nLong ~15%\n\nShort ~5%\n\n**INITIAL POSITION SIZES**\nLong 3 - 10%\n\nShort 1.5 - 4%\n\n**TRIGGER POINTS FOR REVIEW**\nLong size of 15%\n\nShort size of 5%\n\n20% movement against (Long and Short)\n\n***\n\n### PORTFOLIO\n\nThe portfolio is monitored on a daily basis with regard to nominal and beta exposure levels, factor exposures, and position sizing.\n\nCertain levels of factor risk will trigger a portfolio review.\n\nGross and net levels will primarily depend upon our bottom-up evaluation of individual companies and also assessment of market risk.\n\n***\n\n*Note: The risk management guidelines and other parameters described above are guidelines and are provided for illustrative purposes only. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction philosophy and guidelines set forth above should not be relied upon as being in effect at any point in time and will vary over time without notice to or the consent of investors.*\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | **RISK MANAGEMENT** | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 11",
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"markdown": "# RISK MANAGEMENT \nActive risk management at multiple levels, real-time and throughout the investment process\n\n### POSITION SIZING\n\n**COMPANY**\nYarra Square’s level of conviction in base case, overall risk/reward, and our degree of variance from consensus.\n\nVolatility of underlying economic performance.\n\n**MARKET**\nExposure to market factors e.g. beta, momentum, value etc.\n\nCrowdedness by hedge funds.\n\n**PORTFOLIO**\nMarginal contribution to portfolio risk.\n\nPre-existing portfolio risk levels e.g. gross and net, industry, and geographic exposures.\n\nBalance of factor exposures.\n\n***\n\n### POSITION GUIDELINES\n\n**MAXIMUM POSITION SIZES**\nLong ~15%\n\nShort ~5%\n\n**INITIAL POSITION SIZES**\nLong 3 - 10%\n\nShort 1.5 - 4%\n\n**TRIGGER POINTS FOR REVIEW**\nLong size of 15%\n\nShort size of 5%\n\n20% movement against (Long and Short)\n\n***\n\n### PORTFOLIO\n\nThe portfolio is monitored on a daily basis with regard to nominal and beta exposure levels, factor exposures, and position sizing.\n\nCertain levels of factor risk will trigger a portfolio review.\n\nGross and net levels will primarily depend upon our bottom-up evaluation of individual companies and also assessment of market risk.\n\n***\n\n*Note: The risk management guidelines and other parameters described above are guidelines and are provided for illustrative purposes only. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction philosophy and guidelines set forth above should not be relied upon as being in effect at any point in time and will vary over time without notice to or the consent of investors.*\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | **RISK MANAGEMENT** | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 11",
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"gemini_markdown": "# HISTORICAL PERFORMANCE\n\n## HISTORICAL NET PERFORMANCE\n(SUTTON SQUARE PARTNERS FUND, L.P. - PRIOR FUND from September 2016 to July 2018)\n\n| | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** | **YTD** | **ITD** | **CAGR** |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **2023** | 3.0% | 2.7% | (2.0%) | 1.0% | (0.6%) | 2.3% | (3.0%) | 4.6% | 3.5% | (1.8%) | | | **9.8%** | **53.3%** | **9.8%** |\n| **2022** | (2.8%) | 1.3% | 1.7% | (1.3%) | 2.2% | (8.6%) | 4.5% | (2.9%) | (4.5%) | 4.4% | 4.7% | (0.6%) | **(2.9%)** | **39.6%** | **9.3%** |\n| **2021** | (9.4%) | 6.2% | (0.8%) | 9.8% | 0.7% | (2.3%) | (.04%) | 4.4% | (2.8%) | 0.2% | (2.5%) | 4.4% | **6.5%** | **43.7%** | **14.1%** |\n| **2020** | 7.1% | (2.4%) | (10.7%) | 9.4% | 8.2% | (2.4%) | 7.6% | 9.6% | (7.8%) | (0.3%) | (2.8%) | 5.2% | **19.5%** | **35.0%** | **18.7%** |\n| **2019** | Relaunch as Yarra Square | | 5.2% | (2.0%) | 1.5% | 3.0% | 0.7% | (1.0%) | (1.4%) | 7.5% | (0.9%) | | **12.9%** | **12.9%** | **17.6%** |\n| **2018** | 7.6% | (4.8%) | (0.4%) | 0.6% | 1.9% | 0.1% | 1.3% | Sutton Square Close | | | | | **6.2%** | | |\n| **2017** | 2.3% | 4.7% | (0.9%) | 4.2% | 3.9% | 1.1% | 1.9% | (1.2%) | 1.4% | 3.1% | (1.4%) | 0.8% | **21.7%** | | |\n\n<br>\n\n**PERFORMANCE HIGHLIGHTS**\n\n* Superior alpha short ROIC of 54.3% LTM (Oct 2021 to Sept 2022) vs SPX (16.8%)\n* Downside protection during severe market drawdowns: 2020 Q1 Yarra (7%) vs SPX (20%) and 2022 YTD Yarra +1% vs SPX (12.8%)\n* Periods of strong short position profitability despite rising markets: short portfolio was profitable in aggregate during 2019, 2021 Q3, and 2021 Q4\n\n<br>\n\n**Important Note: (Sutton Square / Prior Fund):** The returns listed above for the period Sept 2016 through July 2018 are the returns for the Founders’ Series of Sutton Square Partners Fund, L.P. (the “Sutton Fund”), a private investment fund managed by Sutton Square Capital Management, L.P, an investment adviser co-founded by Victor Ho and for which Mr. Ho (i) served as the Portfolio Manager, and (ii) was responsible for all investment decisions. The Sutton Fund pursued an investment strategy that is substantially similar to the strategy that will be pursued by Yarra Square Partners LP with respect to Yarra Square Master Fund LP (together with its feeder funds Yarra Square LP and Yarra Square Offshore Ltd., the “Yarra Square Fund”). The returns listed above reflect the unaudited and estimated returns for the Founders’ Series of the Sutton Fund for the periods stated therein. These returns are presented net of all fees and expenses applicable to investors in the Founders’ Series of the Sutton Fund and reflect the reinvestment of dividends, capital gains and other earnings. Founders’ Series investments in the Sutton Fund were subject to a 10% incentive allocation and a management fee of 1% annually. Please note that the net returns presented reflect the returns of the Sutton Fund assuming a Founders’ Series investor “since inception”, with no subsequent capital contributions or withdrawals. Performance returns for individual investors in the Sutton Fund may have differed from those provided herein due to, among other things, the timing of subscriptions and redemptions/withdrawals, differing management fee and or incentive allocation rates, relevant expenses, and “new issues” eligibility. Past performance of the Sutton Fund is not indicative of future results of the Yarra Square Fund. There can be no assurance that the Yarra Square Fund will have a return on capital similar to these historical returns because, among other reasons, there may be differences in economic conditions, regulatory climate, portfolio size, leverage use, expenses and structure, as well as investment policies and techniques. In addition, although the general investment strategy of the Yarra Square Fund is expected to be substantially similar to that of the Sutton Fund, there may be times that investment decisions with respect to the Yarra Square Fund will differ from what would have been made with respect to an investment made for the Sutton Fund due to, among other reasons, regulatory, risk, tax, compliance or other considerations.\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | **HISTORICAL PERFORMANCE** | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n<div align=\"right\">\nSTRICTLY CONFIDENTIAL | 12\n</div>",
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"markdown": "# HISTORICAL PERFORMANCE\n\n## HISTORICAL NET PERFORMANCE\n(SUTTON SQUARE PARTNERS FUND, L.P. - PRIOR FUND from September 2016 to July 2018)\n\n| | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** | **YTD** | **ITD** | **CAGR** |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **2023** | 3.0% | 2.7% | (2.0%) | 1.0% | (0.6%) | 2.3% | (3.0%) | 4.6% | 3.5% | (1.8%) | | | **9.8%** | **53.3%** | **9.8%** |\n| **2022** | (2.8%) | 1.3% | 1.7% | (1.3%) | 2.2% | (8.6%) | 4.5% | (2.9%) | (4.5%) | 4.4% | 4.7% | (0.6%) | **(2.9%)** | **39.6%** | **9.3%** |\n| **2021** | (9.4%) | 6.2% | (0.8%) | 9.8% | 0.7% | (2.3%) | (.04%) | 4.4% | (2.8%) | 0.2% | (2.5%) | 4.4% | **6.5%** | **43.7%** | **14.1%** |\n| **2020** | 7.1% | (2.4%) | (10.7%) | 9.4% | 8.2% | (2.4%) | 7.6% | 9.6% | (7.8%) | (0.3%) | (2.8%) | 5.2% | **19.5%** | **35.0%** | **18.7%** |\n| **2019** | Relaunch as Yarra Square | | 5.2% | (2.0%) | 1.5% | 3.0% | 0.7% | (1.0%) | (1.4%) | 7.5% | (0.9%) | | **12.9%** | **12.9%** | **17.6%** |\n| **2018** | 7.6% | (4.8%) | (0.4%) | 0.6% | 1.9% | 0.1% | 1.3% | Sutton Square Close | | | | | **6.2%** | | |\n| **2017** | 2.3% | 4.7% | (0.9%) | 4.2% | 3.9% | 1.1% | 1.9% | (1.2%) | 1.4% | 3.1% | (1.4%) | 0.8% | **21.7%** | | |\n\n<br>\n\n**PERFORMANCE HIGHLIGHTS**\n\n* Superior alpha short ROIC of 54.3% LTM (Oct 2021 to Sept 2022) vs SPX (16.8%)\n* Downside protection during severe market drawdowns: 2020 Q1 Yarra (7%) vs SPX (20%) and 2022 YTD Yarra +1% vs SPX (12.8%)\n* Periods of strong short position profitability despite rising markets: short portfolio was profitable in aggregate during 2019, 2021 Q3, and 2021 Q4\n\n<br>\n\n**Important Note: (Sutton Square / Prior Fund):** The returns listed above for the period Sept 2016 through July 2018 are the returns for the Founders’ Series of Sutton Square Partners Fund, L.P. (the “Sutton Fund”), a private investment fund managed by Sutton Square Capital Management, L.P, an investment adviser co-founded by Victor Ho and for which Mr. Ho (i) served as the Portfolio Manager, and (ii) was responsible for all investment decisions. The Sutton Fund pursued an investment strategy that is substantially similar to the strategy that will be pursued by Yarra Square Partners LP with respect to Yarra Square Master Fund LP (together with its feeder funds Yarra Square LP and Yarra Square Offshore Ltd., the “Yarra Square Fund”). The returns listed above reflect the unaudited and estimated returns for the Founders’ Series of the Sutton Fund for the periods stated therein. These returns are presented net of all fees and expenses applicable to investors in the Founders’ Series of the Sutton Fund and reflect the reinvestment of dividends, capital gains and other earnings. Founders’ Series investments in the Sutton Fund were subject to a 10% incentive allocation and a management fee of 1% annually. Please note that the net returns presented reflect the returns of the Sutton Fund assuming a Founders’ Series investor “since inception”, with no subsequent capital contributions or withdrawals. Performance returns for individual investors in the Sutton Fund may have differed from those provided herein due to, among other things, the timing of subscriptions and redemptions/withdrawals, differing management fee and or incentive allocation rates, relevant expenses, and “new issues” eligibility. Past performance of the Sutton Fund is not indicative of future results of the Yarra Square Fund. There can be no assurance that the Yarra Square Fund will have a return on capital similar to these historical returns because, among other reasons, there may be differences in economic conditions, regulatory climate, portfolio size, leverage use, expenses and structure, as well as investment policies and techniques. In addition, although the general investment strategy of the Yarra Square Fund is expected to be substantially similar to that of the Sutton Fund, there may be times that investment decisions with respect to the Yarra Square Fund will differ from what would have been made with respect to an investment made for the Sutton Fund due to, among other reasons, regulatory, risk, tax, compliance or other considerations.\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | **HISTORICAL PERFORMANCE** | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n<div align=\"right\">\nSTRICTLY CONFIDENTIAL | 12\n</div>",
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"gemini_markdown": "```markdown\n# SUMMARY OF FUND TERMS & SERVICE PROVIDERS\n\n| | FOUNDERS CLASS<br>(CLOSED JAN 2021) |\n| :--- | :---: |\n| **FEES** | 1% Management Fee; 10% Incentive Allocation |\n| **LOCK-UP** | 1-Year Soft Lock |\n| **EARLY REDEMPTION** | 3% |\n| **LIQUIDITY** | Quarterly |\n| **NOTICE PERIOD** | 60 Calendar Days |\n| | |\n| **PRIME BROKERS** | Goldman Sachs, Morgan Stanley |\n| **ADMINISTRATOR** | Morgan Stanley Fund Services |\n| **AUDITOR** | EisnerAmper |\n| **LEGAL COUNSEL** | Kleinberg, Kaplan, Wolff & Cohen, P.C. |\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION<br>THE YARRA ADVANTAGE<br>INVESTMENT PHILOSOPHY | INVESTMENT PROCESS<br>PORTFOLIO CONSTRUCTION<br>CURRENT ENVIRONMENT | RISK MANAGEMENT<br>HISTORICAL PERFORMANCE<br>**FUND TERMS & SERVICE PROVIDERS** | APPENDIX |\n\nSTRICTLY CONFIDENTIAL | 13\n```",
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"markdown": "```markdown\n# SUMMARY OF FUND TERMS & SERVICE PROVIDERS\n\n| | FOUNDERS CLASS<br>(CLOSED JAN 2021) |\n| :--- | :---: |\n| **FEES** | 1% Management Fee; 10% Incentive Allocation |\n| **LOCK-UP** | 1-Year Soft Lock |\n| **EARLY REDEMPTION** | 3% |\n| **LIQUIDITY** | Quarterly |\n| **NOTICE PERIOD** | 60 Calendar Days |\n| | |\n| **PRIME BROKERS** | Goldman Sachs, Morgan Stanley |\n| **ADMINISTRATOR** | Morgan Stanley Fund Services |\n| **AUDITOR** | EisnerAmper |\n| **LEGAL COUNSEL** | Kleinberg, Kaplan, Wolff & Cohen, P.C. |\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION<br>THE YARRA ADVANTAGE<br>INVESTMENT PHILOSOPHY | INVESTMENT PROCESS<br>PORTFOLIO CONSTRUCTION<br>CURRENT ENVIRONMENT | RISK MANAGEMENT<br>HISTORICAL PERFORMANCE<br>**FUND TERMS & SERVICE PROVIDERS** | APPENDIX |\n\nSTRICTLY CONFIDENTIAL | 13\n```",
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"markdown": "**YARRA SQUARE PARTNERS**\n\n# A P P E N D I X\n\n***\nSTRICTLY CONFIDENTIAL\n\nSTRICTLY CONFIDENTIAL | 14",
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"gemini_markdown": "# THE YARRA TEAM\nVictor Ho has a strong track record of building and managing investment teams\n\n### Organizational Chart: Team Structure\n*A hierarchical organizational chart detailing the reporting structure and experience of the Yarra Team.*\n\n* **Top Level**\n * **VICTOR HO**\n * **Title:** Chief Investment Officer\n * **Experience:** 20+ years experience including hiring and managing investment teams\n * *Branches down to:* **INVESTMENT TEAM** and **BUSINESS TEAM**\n\n* **Branch 1: INVESTMENT TEAM**\n * **JONATHAN PINES**\n * **Title:** Managing Director\n * **Experience:** 11 years experience\n * **Background:** Prior firm: Gates Capital | Joined Sutton Square in 2016\n * **CHRISTOPHER NOELCKE**\n * **Title:** Managing Director\n * **Experience:** 14 years experience\n * **Background:** Prior firm: New Mountain Capital | Joined Yarra Square in 2020\n\n* **Branch 2: BUSINESS TEAM**\n * **MICHAEL HERRING**\n * **Title:** CFO & CCO\n * **Experience:** 20+ years experience\n * **Background:** Prior firm: Azora Capital | Joined Yarra Square in 2019\n\n***\n\n### Footer Navigation\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | **APPENDIX** |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 15",
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"markdown": "# THE YARRA TEAM\nVictor Ho has a strong track record of building and managing investment teams\n\n### Organizational Chart: Team Structure\n*A hierarchical organizational chart detailing the reporting structure and experience of the Yarra Team.*\n\n* **Top Level**\n * **VICTOR HO**\n * **Title:** Chief Investment Officer\n * **Experience:** 20+ years experience including hiring and managing investment teams\n * *Branches down to:* **INVESTMENT TEAM** and **BUSINESS TEAM**\n\n* **Branch 1: INVESTMENT TEAM**\n * **JONATHAN PINES**\n * **Title:** Managing Director\n * **Experience:** 11 years experience\n * **Background:** Prior firm: Gates Capital | Joined Sutton Square in 2016\n * **CHRISTOPHER NOELCKE**\n * **Title:** Managing Director\n * **Experience:** 14 years experience\n * **Background:** Prior firm: New Mountain Capital | Joined Yarra Square in 2020\n\n* **Branch 2: BUSINESS TEAM**\n * **MICHAEL HERRING**\n * **Title:** CFO & CCO\n * **Experience:** 20+ years experience\n * **Background:** Prior firm: Azora Capital | Joined Yarra Square in 2019\n\n***\n\n### Footer Navigation\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | **APPENDIX** |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 15",
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"markdown": "# TEAM BIOGRAPHIES\n\n**VICTOR HO**\nFounder and CIO\n\nVictor Ho is the Founder and Chief Investment Officer of Yarra Square. He was a Co-Founder and the sole Portfolio Manager of Sutton Square Partners (2016-2018). Victor relaunched the Sutton Square investment team as Yarra Square Partners LP with a seed investment from Tiger Management L.L.C. after the announcement that his Sutton partner (and former Co-Founder of Taconic Capital), Ken Brody, was retiring. Previously, Victor worked at Conatus Capital (2007-2016) where he was a Partner, Managing Director and Member of the Management Committee. While at Conatus he was responsible for their investments in industrials, real estate, business services and select internet and consumer positions. Prior to this he was an Analyst at Och-Ziff Capital (2005-2007). Victor commenced his investing career at Castle Harlan (2002-2005), a New York-based private equity firm. He has also worked as a management consultant in Australia and the US with McKinsey & Company (1998-2000) and as a lawyer with Mallesons Stephen Jaques (1997). Victor has an MBA, with distinction, from Harvard Business School (2002) and both a BComm and LLB, first class honors, from the University of Melbourne (1994 and 1996).\n\n---\n\n**JONATHAN PINES**\nManaging Director\n\nJonathan is an analyst at Yarra Square Partners and joined our previous fund in 2016. Previously Jonathan was an analyst at Gates Capital Management, where he focused on long and short investment opportunities in companies undergoing corporate change or various special situations (2012-2016). Prior to Gates, Jonathan was an investment banking analyst at Sagent Advisors (2010-2012). Jonathan graduated summa cum laude from the Wharton School, University of Pennsylvania, BS (Finance) (2010).\n\n---\n\n**CHRIS NOELCKE**\nManaging Director\n\nChristopher is an analyst at Yarra Square Partners. Previously, Christopher was a Director at New Mountain Capital (2012-2020), where he was a member of the public equities team. Prior to working at New Mountain, he was a hedge fund analyst at Rollins Capital Partners (2010-2012), a private equity associate at Silver Lake Partners (2006-2008) and an investment banking analyst at Morgan Stanley (2004-2006). Christopher received his B.S. in Business Administration and B.A. in Political Science and graduated with highest distinction from the University of North Carolina at Chapel Hill in 2004. He received his M.B.A. from the Stanford Graduate School of Business in 2010.\n\n---\n\n**MICHAEL HERRING**\nChief Financial Officer & Chief Compliance Officer\n\nMichael is the Chief Financial Officer and Chief Compliance Officer of Yarra Square Partners. Previously, Michael was the CFO and CCO of Azora Capital from 2017 to 2018. Prior to joining Azora, he was the Chief Financial Officer of Caravel Management in 2015 and 2016 and the Chief Operating Officer of Pine Grove Asset Management from 2011 to 2015. Previous to that, he was the U.S. Chief Operating Officer and Chief Financial Officer for Nikko Asset Management Americas from 2009 to 2011. Michael holds a CPA and began his career in public accounting at Ernst & Young. He earned a B.S. in Accounting from the University of Scranton in 1992, an MBA from New York University in 2004, and an MLA (Information Management Systems emphasis Cybersecurity – Extension Studies) from Harvard University (2020). Additionally, he is a Certified Information Systems Auditor certificate holder and has held Series 3, 7, 9, 10, 16, 24, 55 and 63 licenses.\n\n---\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | **APPENDIX** |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 16",
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"gemini_markdown": "# CONTACT INFORMATION\n\nFor information, please contact us at:\n\n## Yarra Square Partners LP\n101 Park Avenue 48th Floor\nNew York, NY 10178\n+1 (212) 390 9580\n\n## Investor Relations\ninvestors@yarrasq.com\n\n## To learn more about Yarra\n\n*Visual Data Representation: Five QR codes are arranged horizontally across the page. Below each QR code is a corresponding label describing the linked content.*\n* **QR Code 1:** Investor Presentation PDF\n* **QR Code 2:** Monthly PDF\n* **QR Code 3:** Distribution List\n* **QR Code 4:** Victor’s vCard\n* **QR Code 5:** Michael’s vCard\n\n---\n\n**Footer Navigation:**\n\n| | | |\n| :--- | :--- | :--- |\n| EXECUTIVE SUMMARY | INVESTMENT PROCESS | PORTFOLIO CONSTRUCTION |\n| THE YARRA ADVANTAGE | HISTORICAL PERFORMANCE | FUND TERMS & SERVICE PROVIDERS |\n| INVESTMENT PHILOSOPHY | RISK MANAGEMENT | **APPENDIX** |\n\nSTRICTLY CONFIDENTIAL | 17",
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"markdown": "# CONTACT INFORMATION\n\nFor information, please contact us at:\n\n## Yarra Square Partners LP\n101 Park Avenue 48th Floor\nNew York, NY 10178\n+1 (212) 390 9580\n\n## Investor Relations\ninvestors@yarrasq.com\n\n## To learn more about Yarra\n\n*Visual Data Representation: Five QR codes are arranged horizontally across the page. Below each QR code is a corresponding label describing the linked content.*\n* **QR Code 1:** Investor Presentation PDF\n* **QR Code 2:** Monthly PDF\n* **QR Code 3:** Distribution List\n* **QR Code 4:** Victor’s vCard\n* **QR Code 5:** Michael’s vCard\n\n---\n\n**Footer Navigation:**\n\n| | | |\n| :--- | :--- | :--- |\n| EXECUTIVE SUMMARY | INVESTMENT PROCESS | PORTFOLIO CONSTRUCTION |\n| THE YARRA ADVANTAGE | HISTORICAL PERFORMANCE | FUND TERMS & SERVICE PROVIDERS |\n| INVESTMENT PHILOSOPHY | RISK MANAGEMENT | **APPENDIX** |\n\nSTRICTLY CONFIDENTIAL | 17",
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"gemini_markdown": "**YARRA SQUARE PARTNERS**\n\n**INVESTOR PRESENTATION**\n\nQ4 2023\n\n---\n\nSTRICTLY CONFIDENTIAL\n\n*[QR Code]*\nLearn more about us",
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"markdown": "**YARRA SQUARE PARTNERS**\n\n**INVESTOR PRESENTATION**\n\nQ4 2023\n\n---\n\nSTRICTLY CONFIDENTIAL\n\n*[QR Code]*\nLearn more about us",
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"gemini_markdown": "# IMPORTANT DISCLOSURES\n\nTHIS DOCUMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY INTERESTS AND/OR SHARES IN A FUND (THE “FUND”) MANAGED BY YARRA SQUARE PARTNERS LP (“YARRA SQUARE” OR THE “FIRM”). AN OFFERING OF INTERESTS OR SHARES WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (“MEMORANDUM”) AND ONLY TO QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW.\n\nAn investment in the Fund is speculative and involves a high degree of risk. The Fund is not intended to be a complete investment program. Yarra Square is a newly formed entity with no operating history and intends to employ certain strategies and techniques, such as concentrating the Fund’s portfolio primarily in the financial services sector, short selling and the use of leverage and derivatives, which may increase the risk of investment loss. Yarra Square’s investment program involves substantial risk, including the loss of principal, and no assurance can be given that the Fund’s investment objectives will be achieved. As a result, the Fund’s performance may be volatile, and an investor could lose all or a substantial amount of his or her investment. The Fund’s fees and expenses may offset trading profits. There can be no assurances that the Fund will have a return on invested capital similar to the returns of other funds or accounts with which Victor Ho was associated, due to differences in investment policies, risk parameters, economic conditions, regulatory climate, portfolio size, leverage, fee structure and expenses. Past performance is not a guarantee of, and is not necessarily indicative of, future results.\n\nThe Fund will also have substantial limitations on investors’ ability to withdraw or transfer their shares or interests therein, and no secondary market for the Fund’s shares or interests exists or is expected to develop, so investors may not have access to capital when needed. All of these risks, and other important risks, are described in detail in the Fund’s Memorandum. Prospective investors are strongly urged to review the Fund’s Memorandum carefully and consult with their own financial, legal and tax advisors before investing.\n\nThe development of an investment strategy for the Fund is an ongoing process. The strategies, techniques and methods described herein, and the securities in which the Fund may invest, will therefore be modified by Yarra Square from time to time and over time. Nothing in this document shall in any way be deemed to limit the investment strategies, techniques, methods or processes which Yarra Square may adopt for the Fund, the factors that Yarra Square may take into account in analyzing investments for the Fund or the securities in which the Fund may invest. Depending on conditions and trends in securities markets and the economy generally, Yarra Square may pursue other objectives, or employ other strategies, techniques, methods or processes and/or invest in different types of securities, in each case, that it considers appropriate and in the best interest of the Fund without notice to or the consent of investors.\n\nCertain information contained in this investor presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events, results or the actual performance of the Fund’s investments may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this investor presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future.\n\nThe information in this investor presentation is current as of the date listed on the cover page and is subject to change or amendment. The delivery of this investor presentation at any time does not imply that the information contained herein is correct at any time subsequent to such date. Certain information contained herein has been supplied to Yarra Square by outside sources. While Yarra Square believes such sources are reliable, it cannot guarantee the accuracy or completeness of any such information.\n\nThe information presented herein is confidential and proprietary, and may not be (i) used by, or on behalf of, you for any purpose other than evaluating an initial or continued investment in the Fund, or (ii) disclosed by, or on behalf of, you to any third party, in each case except with the prior written consent of Yarra Square . \n\nThis investor presentation does not constitute an offer of interests or shares in the Fund to investors domiciled or with a registered office in the European Economic Area (“EEA”). None of the Fund, Yarra Square or any of their respective affiliates currently intends to engage in any marketing (as defined in the Alternative Investment Fund Managers Directive) in the EEA with respect to interests or shares in the Fund. Receipt of this investor presentation by an EEA investor is solely in response to a request for information about the Fund which was initiated by such investor. Any other receipt of this investor presentation is in error and the recipient thereof shall immediately return to the Fund, or destroy, this investor presentation without any use, dissemination, distribution or copying of the information set forth in this investor presentation.\n\nSTRICTLY CONFIDENTIAL | 1",
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"markdown": "# IMPORTANT DISCLOSURES\n\nTHIS DOCUMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY INTERESTS AND/OR SHARES IN A FUND (THE “FUND”) MANAGED BY YARRA SQUARE PARTNERS LP (“YARRA SQUARE” OR THE “FIRM”). AN OFFERING OF INTERESTS OR SHARES WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (“MEMORANDUM”) AND ONLY TO QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW.\n\nAn investment in the Fund is speculative and involves a high degree of risk. The Fund is not intended to be a complete investment program. Yarra Square is a newly formed entity with no operating history and intends to employ certain strategies and techniques, such as concentrating the Fund’s portfolio primarily in the financial services sector, short selling and the use of leverage and derivatives, which may increase the risk of investment loss. Yarra Square’s investment program involves substantial risk, including the loss of principal, and no assurance can be given that the Fund’s investment objectives will be achieved. As a result, the Fund’s performance may be volatile, and an investor could lose all or a substantial amount of his or her investment. The Fund’s fees and expenses may offset trading profits. There can be no assurances that the Fund will have a return on invested capital similar to the returns of other funds or accounts with which Victor Ho was associated, due to differences in investment policies, risk parameters, economic conditions, regulatory climate, portfolio size, leverage, fee structure and expenses. Past performance is not a guarantee of, and is not necessarily indicative of, future results.\n\nThe Fund will also have substantial limitations on investors’ ability to withdraw or transfer their shares or interests therein, and no secondary market for the Fund’s shares or interests exists or is expected to develop, so investors may not have access to capital when needed. All of these risks, and other important risks, are described in detail in the Fund’s Memorandum. Prospective investors are strongly urged to review the Fund’s Memorandum carefully and consult with their own financial, legal and tax advisors before investing.\n\nThe development of an investment strategy for the Fund is an ongoing process. The strategies, techniques and methods described herein, and the securities in which the Fund may invest, will therefore be modified by Yarra Square from time to time and over time. Nothing in this document shall in any way be deemed to limit the investment strategies, techniques, methods or processes which Yarra Square may adopt for the Fund, the factors that Yarra Square may take into account in analyzing investments for the Fund or the securities in which the Fund may invest. Depending on conditions and trends in securities markets and the economy generally, Yarra Square may pursue other objectives, or employ other strategies, techniques, methods or processes and/or invest in different types of securities, in each case, that it considers appropriate and in the best interest of the Fund without notice to or the consent of investors.\n\nCertain information contained in this investor presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events, results or the actual performance of the Fund’s investments may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this investor presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future.\n\nThe information in this investor presentation is current as of the date listed on the cover page and is subject to change or amendment. The delivery of this investor presentation at any time does not imply that the information contained herein is correct at any time subsequent to such date. Certain information contained herein has been supplied to Yarra Square by outside sources. While Yarra Square believes such sources are reliable, it cannot guarantee the accuracy or completeness of any such information.\n\nThe information presented herein is confidential and proprietary, and may not be (i) used by, or on behalf of, you for any purpose other than evaluating an initial or continued investment in the Fund, or (ii) disclosed by, or on behalf of, you to any third party, in each case except with the prior written consent of Yarra Square . \n\nThis investor presentation does not constitute an offer of interests or shares in the Fund to investors domiciled or with a registered office in the European Economic Area (“EEA”). None of the Fund, Yarra Square or any of their respective affiliates currently intends to engage in any marketing (as defined in the Alternative Investment Fund Managers Directive) in the EEA with respect to interests or shares in the Fund. Receipt of this investor presentation by an EEA investor is solely in response to a request for information about the Fund which was initiated by such investor. Any other receipt of this investor presentation is in error and the recipient thereof shall immediately return to the Fund, or destroy, this investor presentation without any use, dissemination, distribution or copying of the information set forth in this investor presentation.\n\nSTRICTLY CONFIDENTIAL | 1",
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"gemini_markdown": "# TABLE OF CONTENTS\n\n| | |\n| :--- | :--- |\n| INTRODUCTION TO YARRA SQUARE | Page 3 |\n| THE YARRA ADVANTAGE | Page 5 |\n| INVESTMENT PHILOSOPHY | Page 6 |\n| INVESTMENT PROCESS | Page 7 |\n| PORTFOLIO CONSTRUCTION | Page 8 |\n| CURRENT ENVIRONMENT | Page 10 |\n| RISK MANAGEMENT | Page 11 |\n| HISTORICAL PERFORMANCE | Page 12 |\n| FUND TERMS & SERVICE PROVIDERS | Page 13 |\n| APPENDIX | Page 14 |\n\nSTRICTLY CONFIDENTIAL | 2",
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"gemini_markdown": "# INTRODUCTION TO YARRA SQUARE\nWe have a differentiated investment strategy, distinguished seeder backing, and currently face an alpha rich opportunity set.\n\n***\n\n### DIFFERENTIATED STRATEGY\n\n* Focused on the intersection of two areas which are less efficiently priced by the market: situations undergoing significant change and a longer investment time horizon (multi-year).\n* An opportunistic and distinctive process that combines multiple lenses: Growth/GARP equity investing, private equity style deep dives and event driven unlocking of value. Yarra’s investment team has a distinct combination of styles acquired from best-in-class firms: Growth/GARP (Conatus Capital and New Mountain Capital), Event Driven (Och-Ziff (Sculptor) and Gates Capital) and Private Equity (Castle Harlan and Silver Lake Partners), Data Driven (McKinsey).\n* Perform exhaustive fundamental research to acquire assets with two or three key drivers that we can gain deep insight and conviction around.\n\n***\n\n### STABLE CAPITAL FROM PRE-EMINENT SEEDERS AND ALIGNED INTEREST\n\n* Our portfolio manager has been backed twice by the best hedge fund talent identifiers: (1) Julian Robertson (Tiger Management) seeded Yarra Square in April 2019 and (2) Ken Brody (founder of Taconic Capital) seeded the predecessor fund (Ken’s health issues caused a closure of that firm).\n* Yarra Square is a minority owned manager. A significant majority of the founder’s liquid net worth invested in the Fund. Internal capital of over $20m.\n\n***\n\n### WELL-PLACED TO TAKE ADVANTAGE OF A RICH 2022 OPPORTUNITY SET\n\n* Yarra’s new idea pipeline is currently largely focused on two areas of the market in which it sees a rich set of opportunities: SPAC’s and IPOs. A significant minority of our current portfolio has been sourced from these areas.\n* Portfolio manager with 20+ years investment experience and investment analysts with 10+ years each.\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| **INTRODUCTION** | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 3",
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"markdown": "# INTRODUCTION TO YARRA SQUARE\nWe have a differentiated investment strategy, distinguished seeder backing, and currently face an alpha rich opportunity set.\n\n***\n\n### DIFFERENTIATED STRATEGY\n\n* Focused on the intersection of two areas which are less efficiently priced by the market: situations undergoing significant change and a longer investment time horizon (multi-year).\n* An opportunistic and distinctive process that combines multiple lenses: Growth/GARP equity investing, private equity style deep dives and event driven unlocking of value. Yarra’s investment team has a distinct combination of styles acquired from best-in-class firms: Growth/GARP (Conatus Capital and New Mountain Capital), Event Driven (Och-Ziff (Sculptor) and Gates Capital) and Private Equity (Castle Harlan and Silver Lake Partners), Data Driven (McKinsey).\n* Perform exhaustive fundamental research to acquire assets with two or three key drivers that we can gain deep insight and conviction around.\n\n***\n\n### STABLE CAPITAL FROM PRE-EMINENT SEEDERS AND ALIGNED INTEREST\n\n* Our portfolio manager has been backed twice by the best hedge fund talent identifiers: (1) Julian Robertson (Tiger Management) seeded Yarra Square in April 2019 and (2) Ken Brody (founder of Taconic Capital) seeded the predecessor fund (Ken’s health issues caused a closure of that firm).\n* Yarra Square is a minority owned manager. A significant majority of the founder’s liquid net worth invested in the Fund. Internal capital of over $20m.\n\n***\n\n### WELL-PLACED TO TAKE ADVANTAGE OF A RICH 2022 OPPORTUNITY SET\n\n* Yarra’s new idea pipeline is currently largely focused on two areas of the market in which it sees a rich set of opportunities: SPAC’s and IPOs. A significant minority of our current portfolio has been sourced from these areas.\n* Portfolio manager with 20+ years investment experience and investment analysts with 10+ years each.\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| **INTRODUCTION** | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 3",
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"gemini_markdown": "# VICTOR HO\n\nVictor Ho brings over 20 years of experience performing in-depth analysis and stock selection across a broad range of sectors and market cycles.\n\n### Timeline Overview\n\n* **Mallesons** | 1997-1998\n* **McKinsey** | 1999-2000\n* **Harvard** | 2001-2002\n* **Castle Harlan** | 2002-2005\n* **Och-Ziff** | 2005-2007\n* **Conatus Capital** | 2007-2016\n* **Yarra Square Partners** | 2016* - present\n\n---\n\n### Deep-Dive Analytical Training\n\n**M&A Lawyer**\nTrained to think critically: with precision, care, and logic. Speaking and reading with attention to detail and nuance.\n\n**Management Consultant**\nTrained to identify business drivers and perform data driven analyses.\n\n**Harvard**\nMBA (with Distinction)\n\n**University of Melbourne**\nBachelor of Laws (1st Class Honors)\nBachelor of Commerce (Acct/Fin)\n\n### Est. Successful Investment Approach & Track Record\n\n**Private Equity Associate**\nPrivate equity analyst investing in control positions of middle market companies. Developed longer term approach, by knowing what you own and allowing the investment thesis to play out.\n\n**Event Driven Analyst**\nDeveloped disciplined research process, gaining nuanced understanding of sourcing, analysis, sizing, and timing of complex, process-orientated, event-driven and out-of-favor situations.\n\n**Partner & Member of Management Committee**\nDay-one Employee and Partner. Only analyst on the Management Committee, and member of firm’s Risk Committee. Led the recruitment, management and mentoring of junior analysts.\n\nGeneralist with proven record of investing over market cycles. Lead Analyst on a number of the firm’s most successful investments and a significant, consistent P&L contributor from inception.\n\n### Deliver Long-Term Alpha and Capital Preservation\n\n**Founder and CIO**\n20+ years to develop an investment process shaped by:\n* -Critical thinking\n* -Data driven analysis\n* -Longer-term view\n* -Complex changing context\n\nWe search broadly but dive deeply to create a concentrated portfolio.\n\nWe believe we can perform across market cycles and generate alpha on both the long and short side.\n\nYarra Square is minority owned.\n\n---\n\n*Sutton Square’s sole PM and investment team relaunched as Yarra Square in 2019 after winding down Sutton Square due to the sudden health diagnosis received by Sutton’s seed investor Ken Brody (former co-founder of Taconic)\n\n### Footer Navigation\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| **INTRODUCTION** | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n**STRICTLY CONFIDENTIAL | 4**",
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"markdown": "# VICTOR HO\n\nVictor Ho brings over 20 years of experience performing in-depth analysis and stock selection across a broad range of sectors and market cycles.\n\n### Timeline Overview\n\n* **Mallesons** | 1997-1998\n* **McKinsey** | 1999-2000\n* **Harvard** | 2001-2002\n* **Castle Harlan** | 2002-2005\n* **Och-Ziff** | 2005-2007\n* **Conatus Capital** | 2007-2016\n* **Yarra Square Partners** | 2016* - present\n\n---\n\n### Deep-Dive Analytical Training\n\n**M&A Lawyer**\nTrained to think critically: with precision, care, and logic. Speaking and reading with attention to detail and nuance.\n\n**Management Consultant**\nTrained to identify business drivers and perform data driven analyses.\n\n**Harvard**\nMBA (with Distinction)\n\n**University of Melbourne**\nBachelor of Laws (1st Class Honors)\nBachelor of Commerce (Acct/Fin)\n\n### Est. Successful Investment Approach & Track Record\n\n**Private Equity Associate**\nPrivate equity analyst investing in control positions of middle market companies. Developed longer term approach, by knowing what you own and allowing the investment thesis to play out.\n\n**Event Driven Analyst**\nDeveloped disciplined research process, gaining nuanced understanding of sourcing, analysis, sizing, and timing of complex, process-orientated, event-driven and out-of-favor situations.\n\n**Partner & Member of Management Committee**\nDay-one Employee and Partner. Only analyst on the Management Committee, and member of firm’s Risk Committee. Led the recruitment, management and mentoring of junior analysts.\n\nGeneralist with proven record of investing over market cycles. Lead Analyst on a number of the firm’s most successful investments and a significant, consistent P&L contributor from inception.\n\n### Deliver Long-Term Alpha and Capital Preservation\n\n**Founder and CIO**\n20+ years to develop an investment process shaped by:\n* -Critical thinking\n* -Data driven analysis\n* -Longer-term view\n* -Complex changing context\n\nWe search broadly but dive deeply to create a concentrated portfolio.\n\nWe believe we can perform across market cycles and generate alpha on both the long and short side.\n\nYarra Square is minority owned.\n\n---\n\n*Sutton Square’s sole PM and investment team relaunched as Yarra Square in 2019 after winding down Sutton Square due to the sudden health diagnosis received by Sutton’s seed investor Ken Brody (former co-founder of Taconic)\n\n### Footer Navigation\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| **INTRODUCTION** | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n**STRICTLY CONFIDENTIAL | 4**",
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"gemini_markdown": "# THE YARRA ADVANTAGE\nExperienced team executing a differentiated investment strategy together. \n\n## THE YARRA MODEL\n\n**DIFFERENTIATED INVESTMENT PHILOSOPHY**\n* **Tackle Complexity:** We focus on the intersection of two areas that we believe are likely to be less efficiently priced by the market: longer (often multi-year) time horizons and companies experiencing dramatic change.\n* **Dive Deep:** Our extensive due diligence and primary research draws upon the distinctive experiences we have had in Growth/GARP, event driven and private equity investing.\n* **Concentration:** We use a concentrated portfolio weighting, aligning our research conviction with our investments. This allows performance to be driven more by our investments rather than the overall market. We only invest when we have a differentiated view on the quantity of earnings or quality of our forecast.\n* **Disciplined:** The holding period for long investments is typically one to three years, while short investments generally have a tactical duration of six months to two years.\n\n---\n\n**ALPHA SHORTS**\nWe commit significant resources to generating absolute returns on the short side.\n\n---\n\n**COHESIVE TEAM WITH EXTENSIVE EXPERIENCE**\nInvestment team with complementary skill sets and proven success in Yarra’s strategy. \n\nExperienced senior operational hedge fund professionals \n\n---\n\n**COMMITTED LONG TERM CAPITAL**\nCommitted capital through our seeder, Tiger Management L.L.C., and senior management \n\n---\n\n### Footer Navigation\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| **THE YARRA ADVANTAGE** | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n**STRICTLY CONFIDENTIAL | 5**",
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"markdown": "# THE YARRA ADVANTAGE\nExperienced team executing a differentiated investment strategy together. \n\n## THE YARRA MODEL\n\n**DIFFERENTIATED INVESTMENT PHILOSOPHY**\n* **Tackle Complexity:** We focus on the intersection of two areas that we believe are likely to be less efficiently priced by the market: longer (often multi-year) time horizons and companies experiencing dramatic change.\n* **Dive Deep:** Our extensive due diligence and primary research draws upon the distinctive experiences we have had in Growth/GARP, event driven and private equity investing.\n* **Concentration:** We use a concentrated portfolio weighting, aligning our research conviction with our investments. This allows performance to be driven more by our investments rather than the overall market. We only invest when we have a differentiated view on the quantity of earnings or quality of our forecast.\n* **Disciplined:** The holding period for long investments is typically one to three years, while short investments generally have a tactical duration of six months to two years.\n\n---\n\n**ALPHA SHORTS**\nWe commit significant resources to generating absolute returns on the short side.\n\n---\n\n**COHESIVE TEAM WITH EXTENSIVE EXPERIENCE**\nInvestment team with complementary skill sets and proven success in Yarra’s strategy. \n\nExperienced senior operational hedge fund professionals \n\n---\n\n**COMMITTED LONG TERM CAPITAL**\nCommitted capital through our seeder, Tiger Management L.L.C., and senior management \n\n---\n\n### Footer Navigation\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| **THE YARRA ADVANTAGE** | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n**STRICTLY CONFIDENTIAL | 5**",
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"gemini_markdown": "```markdown\n# INVESTMENT PHILOSOPHY\n\nWe invest at the intersection of two areas that we believe the market is less likely to price efficiently: **longer time horizons** and companies that are experiencing **dramatic change**.\n\n***\n\n### Diagram: Interlocking Investment Categories\nA central illustration features five interlocking gears arranged in a cascading vertical pattern, connecting the \"Short\" strategies on the left with the \"Long\" strategies on the right:\n* **Top Gear (Dark Blue):** Labeled \"Bubbles/Tulips\"\n* **Second Gear (Medium Blue, offset right):** Labeled \"Discontinuous Change\"\n* **Third Gear (Light Blue, offset left):** Labeled \"Discontinuous Change\"\n* **Fourth Gear (Light Grey, offset right):** Labeled \"Compounders\"\n* **Bottom Gear (Dark Grey, offset left):** Labeled \"Cyclicals\"\n\n***\n\n### Left Column: Short Strategies\n\n**Short Bubbles/Tulips**\nManias, bubbles, hypes and fads. These investments will be companies where perception has significantly exceeded reality in the share price.\n\n**Short Discontinuous Change**\nDiscontinuous change frequently results in losers as well as winners e.g., companies experiencing transitions in addressable market, competitive set, market share and/or distribution channel are examples of this.\n\n**Short Cyclicals**\nBooms turning into busts, or where prospects of an extended down cycle exceed consensus expectations in duration or magnitude.\n\n**AGGRESSIVE ACCOUNTING**\n**POLICIES AND/OR SUSPICIONS OF**\n**FRAUD**\n\n### Right Column: Long Strategies\n\n**Long Discontinuous Change**\nExamples include: new management; change of ownership eg acquisition, spin-off or IPO/SPAC; new geographic or product launch; cost restructuring; industry transformation; or new business models.\n\nMispricing often driven by complexity, institutional constraints, forced selling.\n\n**Long Compounders**\n**High Growth/High Moat**\nExceptional topline growth prospects and high barriers to entry; often benefiting from a secular tailwind. \n\n**Smart Wallet**\nGood topline prospects combined with excellence at reinvesting their free cash flow whether this be acquisitions, dividends, or share buybacks, etc. Often these companies are the lowest cost/highest margin performers of their industry and make use of financial leverage.\n\nMispricing often driven by: our longer term versus the market’s shorter term horizon, and/or our level of conviction around future growth potential.\n\n***\n\n### Footer Navigation Table\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| **INVESTMENT PHILOSOPHY** | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 6\n```",
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"markdown": "```markdown\n# INVESTMENT PHILOSOPHY\n\nWe invest at the intersection of two areas that we believe the market is less likely to price efficiently: **longer time horizons** and companies that are experiencing **dramatic change**.\n\n***\n\n### Diagram: Interlocking Investment Categories\nA central illustration features five interlocking gears arranged in a cascading vertical pattern, connecting the \"Short\" strategies on the left with the \"Long\" strategies on the right:\n* **Top Gear (Dark Blue):** Labeled \"Bubbles/Tulips\"\n* **Second Gear (Medium Blue, offset right):** Labeled \"Discontinuous Change\"\n* **Third Gear (Light Blue, offset left):** Labeled \"Discontinuous Change\"\n* **Fourth Gear (Light Grey, offset right):** Labeled \"Compounders\"\n* **Bottom Gear (Dark Grey, offset left):** Labeled \"Cyclicals\"\n\n***\n\n### Left Column: Short Strategies\n\n**Short Bubbles/Tulips**\nManias, bubbles, hypes and fads. These investments will be companies where perception has significantly exceeded reality in the share price.\n\n**Short Discontinuous Change**\nDiscontinuous change frequently results in losers as well as winners e.g., companies experiencing transitions in addressable market, competitive set, market share and/or distribution channel are examples of this.\n\n**Short Cyclicals**\nBooms turning into busts, or where prospects of an extended down cycle exceed consensus expectations in duration or magnitude.\n\n**AGGRESSIVE ACCOUNTING**\n**POLICIES AND/OR SUSPICIONS OF**\n**FRAUD**\n\n### Right Column: Long Strategies\n\n**Long Discontinuous Change**\nExamples include: new management; change of ownership eg acquisition, spin-off or IPO/SPAC; new geographic or product launch; cost restructuring; industry transformation; or new business models.\n\nMispricing often driven by complexity, institutional constraints, forced selling.\n\n**Long Compounders**\n**High Growth/High Moat**\nExceptional topline growth prospects and high barriers to entry; often benefiting from a secular tailwind. \n\n**Smart Wallet**\nGood topline prospects combined with excellence at reinvesting their free cash flow whether this be acquisitions, dividends, or share buybacks, etc. Often these companies are the lowest cost/highest margin performers of their industry and make use of financial leverage.\n\nMispricing often driven by: our longer term versus the market’s shorter term horizon, and/or our level of conviction around future growth potential.\n\n***\n\n### Footer Navigation Table\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| **INVESTMENT PHILOSOPHY** | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 6\n```",
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"gemini_markdown": "# PROVEN INVESTMENT PROCESS\nRepeatable diligence process that establishes a deep working knowledge of a company and a differentiated view on its earnings power.\n\n*The slide features a downward-pointing funnel diagram on the left, illustrating four progressive stages of the investment process. Each stage links to detailed descriptions on the right.*\n\n### IDEA GENERATION\n* **Objective (Funnel Text):** Collaborative process seeking input and feedback from the broader team\n* **TYPICAL SOURCES FOR NEW IDEAS:**\nInternal research, news flow and event tracking, management meetings, conferences, industry analysts\n* **FILTER FOR “WINNING” AND “LOSING” THESIS:**\n * Long: Compounders + Discontinuous Change\n * Short: Discontinuous Change + Bubbles + Cyclicals\n\n### INITIAL ANALYSIS\n* **Objective (Funnel Text):** Deliberately iterative, graduating levels, data-driven, defined breakpoints to avoid commitment bias\n* **PSYCHOLOGICAL SAFETY (SURFACE DILIGENCE):**\nAnalysts and PM discuss ideas after a surface review (< 1 day) which allows for more risk taking, creativity and contribution from the investment team. With PM feedback and approval, a more informative review is conducted (2+ days).\n* **SOCRATIC PITCH:**\nBefore an asymmetrical information edge is formed, the analyst will pitch the thesis to the team who will respond with alternating views\n\n### DEEP DIVE\n* **Objective (Funnel Text):** Thesis confirmation\n * Can we identify key drivers?\n * Can data prove or disprove our hypothesis?\n * Do we have a good risk reward?\n* **DEEP DIVE INVESTIGATION:**\nDeep company analysis including speaking with management, customers, employees, competitors and industry experts. Data centric process.\n* **BIAS CHECK:**\nContinuous refinement of thesis by PM and analyst as new events and information are discovered\n\n### MONITORING\n* **Objective (Funnel Text):** Meritocracy of theses driven by data and transparency\n* **COLLABORATIVE PROCESS:**\nInput and feedback from broader team. Continued monitoring of data sources.\n* **TRANSPARENCY:**\nOngoing challenge to the investment thesis and evaluation of position size\n\n---\n\n**Footer Navigation:**\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | **INVESTMENT PROCESS** | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 7",
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"markdown": "# PROVEN INVESTMENT PROCESS\nRepeatable diligence process that establishes a deep working knowledge of a company and a differentiated view on its earnings power.\n\n*The slide features a downward-pointing funnel diagram on the left, illustrating four progressive stages of the investment process. Each stage links to detailed descriptions on the right.*\n\n### IDEA GENERATION\n* **Objective (Funnel Text):** Collaborative process seeking input and feedback from the broader team\n* **TYPICAL SOURCES FOR NEW IDEAS:**\nInternal research, news flow and event tracking, management meetings, conferences, industry analysts\n* **FILTER FOR “WINNING” AND “LOSING” THESIS:**\n * Long: Compounders + Discontinuous Change\n * Short: Discontinuous Change + Bubbles + Cyclicals\n\n### INITIAL ANALYSIS\n* **Objective (Funnel Text):** Deliberately iterative, graduating levels, data-driven, defined breakpoints to avoid commitment bias\n* **PSYCHOLOGICAL SAFETY (SURFACE DILIGENCE):**\nAnalysts and PM discuss ideas after a surface review (< 1 day) which allows for more risk taking, creativity and contribution from the investment team. With PM feedback and approval, a more informative review is conducted (2+ days).\n* **SOCRATIC PITCH:**\nBefore an asymmetrical information edge is formed, the analyst will pitch the thesis to the team who will respond with alternating views\n\n### DEEP DIVE\n* **Objective (Funnel Text):** Thesis confirmation\n * Can we identify key drivers?\n * Can data prove or disprove our hypothesis?\n * Do we have a good risk reward?\n* **DEEP DIVE INVESTIGATION:**\nDeep company analysis including speaking with management, customers, employees, competitors and industry experts. Data centric process.\n* **BIAS CHECK:**\nContinuous refinement of thesis by PM and analyst as new events and information are discovered\n\n### MONITORING\n* **Objective (Funnel Text):** Meritocracy of theses driven by data and transparency\n* **COLLABORATIVE PROCESS:**\nInput and feedback from broader team. Continued monitoring of data sources.\n* **TRANSPARENCY:**\nOngoing challenge to the investment thesis and evaluation of position size\n\n---\n\n**Footer Navigation:**\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | **INVESTMENT PROCESS** | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 7",
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"gemini_markdown": "# PORTFOLIO CONSTRUCTION\n\nYarra Square’s portfolio is constructed bottom-up.\n\n---\n\n## TYPICAL PORTFOLIO CHARACTERISTICS\n\n**HOLDINGS**\n15 to 20 longs\n20 to 30 shorts\n\n**CONCENTRATION** \nTop 5 longs: ~35-45% of AUM\nTop 5 shorts: ~12-15%\nLong Sizing at Entry: ~3%-10%, max ~15%\nShort Sizing at Entry: ~1.5-4.0%, max ~5%\n\n**GROSS EXPOSURE**\n~ 120% to 170% of AUM\n\n**GUIDELINE NET EXPOSURE** \n~ 25-75%\n\n**GEOGRAPHIC EXPOSURE** \nPrimarily U.S. and developed markets (longs) and global (shorts) \n\n**INVESTMENT HORIZON**\nLong positions: One to three+ years\nShort positions: Six months to two+ years\n\n**INDUSTRY**\nGeneralists (avoid biotech and energy)\n\n---\n\n## LARGEST INVESTMENTS BY THESIS (JUNE 2022)\n\n**[Visual Data Representation: Investment Theme Gear Diagram]**\n\n*A structural diagram consisting of five interlocking gears in the center, flanked by sector themes/icons on the left and specific company logos on the right. The left side broadly corresponds to short themes, and the right side corresponds to long themes.*\n\n**Central Interlocking Gears:**\n* **Top Gear (Dark Blue):** \"Short Bubbles/Tulips\"\n* **Middle Left Gear (Bright Blue):** \"Short Discontinuous Change\"\n* **Middle Right Gear (Light Blue):** \"Long Discontinuous Change\"\n* **Bottom Left Gear (Dark Grey):** \"Short Cyclicals\"\n* **Bottom Right Gear (Light Grey):** \"Long Compounders\"\n\n**Left Side (Sector Themes, Icons & Logos):**\n* **Logo:** eV (Electric Vehicles Drive the Future)\n* **Logo:** PetMeds (America's Most Trusted Pet Pharmacy)\n* **Icon:** A shopping cart with text \"CONSUMER PRODUCTS\"\n* **Icon:** A bronze bull and a bear with text \"ASSET MANAGERS\"\n* **Icon:** Three different styles of grills with text \"OUTDOOR GRILLS\"\n* **Bottom Text Label:** \"AGGRESSIVE ACCOUNTING POLICIES AND/OR SUSPICIONS OF FRAUD\"\n\n**Right Side (Company Logos):**\n* **WILLSCOT** (Navy blue text in a rectangular border)\n* **gogo** (Red text with a blue cloud/arrow symbol)\n* **BLUE OWL** (Blue owl outline and text)\n* **MARRIOTT VACATION CLUB** (Grey/black text)\n* **FLEETCOR** (Grey text with red curved abstract symbol)\n\n---\n\n### Footer Navigation & Disclosures\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | **PORTFOLIO CONSTRUCTION** | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n*Note: The portfolio construction characteristics and other parameters described above are estimates and are provided for illustrative purposes only and are based on Yarra Square’s perception of such matters as of the date set forth on the cover page of this document. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction philosophy and characteristics set forth above should not be relied upon as being in effect at any point in time and will vary over time without notice to or the consent of investors.*\n\nSTRICTLY CONFIDENTIAL | 8",
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"markdown": "# PORTFOLIO CONSTRUCTION\n\nYarra Square’s portfolio is constructed bottom-up.\n\n---\n\n## TYPICAL PORTFOLIO CHARACTERISTICS\n\n**HOLDINGS**\n15 to 20 longs\n20 to 30 shorts\n\n**CONCENTRATION** \nTop 5 longs: ~35-45% of AUM\nTop 5 shorts: ~12-15%\nLong Sizing at Entry: ~3%-10%, max ~15%\nShort Sizing at Entry: ~1.5-4.0%, max ~5%\n\n**GROSS EXPOSURE**\n~ 120% to 170% of AUM\n\n**GUIDELINE NET EXPOSURE** \n~ 25-75%\n\n**GEOGRAPHIC EXPOSURE** \nPrimarily U.S. and developed markets (longs) and global (shorts) \n\n**INVESTMENT HORIZON**\nLong positions: One to three+ years\nShort positions: Six months to two+ years\n\n**INDUSTRY**\nGeneralists (avoid biotech and energy)\n\n---\n\n## LARGEST INVESTMENTS BY THESIS (JUNE 2022)\n\n**[Visual Data Representation: Investment Theme Gear Diagram]**\n\n*A structural diagram consisting of five interlocking gears in the center, flanked by sector themes/icons on the left and specific company logos on the right. The left side broadly corresponds to short themes, and the right side corresponds to long themes.*\n\n**Central Interlocking Gears:**\n* **Top Gear (Dark Blue):** \"Short Bubbles/Tulips\"\n* **Middle Left Gear (Bright Blue):** \"Short Discontinuous Change\"\n* **Middle Right Gear (Light Blue):** \"Long Discontinuous Change\"\n* **Bottom Left Gear (Dark Grey):** \"Short Cyclicals\"\n* **Bottom Right Gear (Light Grey):** \"Long Compounders\"\n\n**Left Side (Sector Themes, Icons & Logos):**\n* **Logo:** eV (Electric Vehicles Drive the Future)\n* **Logo:** PetMeds (America's Most Trusted Pet Pharmacy)\n* **Icon:** A shopping cart with text \"CONSUMER PRODUCTS\"\n* **Icon:** A bronze bull and a bear with text \"ASSET MANAGERS\"\n* **Icon:** Three different styles of grills with text \"OUTDOOR GRILLS\"\n* **Bottom Text Label:** \"AGGRESSIVE ACCOUNTING POLICIES AND/OR SUSPICIONS OF FRAUD\"\n\n**Right Side (Company Logos):**\n* **WILLSCOT** (Navy blue text in a rectangular border)\n* **gogo** (Red text with a blue cloud/arrow symbol)\n* **BLUE OWL** (Blue owl outline and text)\n* **MARRIOTT VACATION CLUB** (Grey/black text)\n* **FLEETCOR** (Grey text with red curved abstract symbol)\n\n---\n\n### Footer Navigation & Disclosures\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | **PORTFOLIO CONSTRUCTION** | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n*Note: The portfolio construction characteristics and other parameters described above are estimates and are provided for illustrative purposes only and are based on Yarra Square’s perception of such matters as of the date set forth on the cover page of this document. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction philosophy and characteristics set forth above should not be relied upon as being in effect at any point in time and will vary over time without notice to or the consent of investors.*\n\nSTRICTLY CONFIDENTIAL | 8",
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"gemini_markdown": "### THE RESULT OF A DIFFERENTIATED AND INDEPENDENT VIEW\nYarra’s differentiated skill set and focus means we find rewarding ideas away from the crowd\n\n---\n\n**Our DNA:**\n* Primary bottoms-up fundamental research with a GARP/Growth lens\n* Private Equity mindset with a focus on names that are at crossroads\n* Embrace complex corporate events or balance sheet activity and avoid hard-to-understand business models\n\n**Our Top 5 Longs:**\n* Are only “Core positions”⁴ in 8 other funds on average and generally not held by Tiger Cubs¹\n* On average, are covered by 12 analyst vs S&P 500 stock’s average of 21⁴\n\n---\n\n*(Table note: The table below is grouped by three main categories in the original slide: **Yarra's Top 5 Long Positions (July 2022)** covers the first four columns; **Hedge Fund Peers³** (Based on ~2,500 13F hedge funds tracked by Whalewisdom 2022Q1) covers the next three columns; and **Street⁴** covers the final column.)*\n\n| Issues/Themes | Initial Entry Date | Portfolio Weight | YTD Return Contribution | Tiger Cubs¹'³ | Core Position²'³ | All Hedge Funds³ | Sell Side Coverage |\n| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |\n| **WillScot**<br>*(Industrials)* | Apr 2019 | 17% | (1.0%) | 1 | 21 | 124 | 12 |\n| **Blue Owl**<br>*(Financial)* | Apr 2021 | 10% | (1.8%) | 0 | 5 | 44 | 9 |\n| **Fleetcor**<br>*(Technology)* | Apr 2019 | 8% | (0.3%) | 1 | 5 | 121 | 23 |\n| **Marriot Vacations**<br>*(Consumer Discretionary)* | Aug 2019 | 8% | (1.8%) | 0 | 3 | 85 | 10 |\n| **Gogo Inc**<br>*(Technology)* | Nov 2021 | 6% | 2.01% | 0 | 5 | 56 | 8 |\n| **Average** | | | | **0** | **8** | **86** | **12** |\n\n---\n\n**Footnotes:**\n1. Tiger Cubs (Active): Bridger, Coatue, Discovery, Healthcor, Impala, Joho, Lone Pine, Maverick, Sun Valley, Tiger Global, Toscafund, Viking Global\n2. Core Position: A hedge fund that holds the position in its Top Ten 13F holdings according to Whalewisodom.com. \n3. Source: Whalewisdom.com and most recent 13F filings (Q1 2022). Whalewisdom tracks over 2,500 13F filing hedge funds. \n4. Source Bloomberg’s “ANR” on average as of 2022Q1\n\n---\n\n**Footer Navigation:**\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION<br>THE YARRA ADVANTAGE<br>INVESTMENT PHILOSOPHY | INVESTMENT PROCESS<br>**PORTFOLIO CONSTRUCTION**<br>CURRENT ENVIRONMENT | RISK MANAGEMENT<br>HISTORICAL PERFORMANCE<br>FUND TERMS & SERVICE PROVIDERS | APPENDIX |\n\n**STRICTLY CONFIDENTIAL | 9**",
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"markdown": "### THE RESULT OF A DIFFERENTIATED AND INDEPENDENT VIEW\nYarra’s differentiated skill set and focus means we find rewarding ideas away from the crowd\n\n---\n\n**Our DNA:**\n* Primary bottoms-up fundamental research with a GARP/Growth lens\n* Private Equity mindset with a focus on names that are at crossroads\n* Embrace complex corporate events or balance sheet activity and avoid hard-to-understand business models\n\n**Our Top 5 Longs:**\n* Are only “Core positions”⁴ in 8 other funds on average and generally not held by Tiger Cubs¹\n* On average, are covered by 12 analyst vs S&P 500 stock’s average of 21⁴\n\n---\n\n*(Table note: The table below is grouped by three main categories in the original slide: **Yarra's Top 5 Long Positions (July 2022)** covers the first four columns; **Hedge Fund Peers³** (Based on ~2,500 13F hedge funds tracked by Whalewisdom 2022Q1) covers the next three columns; and **Street⁴** covers the final column.)*\n\n| Issues/Themes | Initial Entry Date | Portfolio Weight | YTD Return Contribution | Tiger Cubs¹'³ | Core Position²'³ | All Hedge Funds³ | Sell Side Coverage |\n| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |\n| **WillScot**<br>*(Industrials)* | Apr 2019 | 17% | (1.0%) | 1 | 21 | 124 | 12 |\n| **Blue Owl**<br>*(Financial)* | Apr 2021 | 10% | (1.8%) | 0 | 5 | 44 | 9 |\n| **Fleetcor**<br>*(Technology)* | Apr 2019 | 8% | (0.3%) | 1 | 5 | 121 | 23 |\n| **Marriot Vacations**<br>*(Consumer Discretionary)* | Aug 2019 | 8% | (1.8%) | 0 | 3 | 85 | 10 |\n| **Gogo Inc**<br>*(Technology)* | Nov 2021 | 6% | 2.01% | 0 | 5 | 56 | 8 |\n| **Average** | | | | **0** | **8** | **86** | **12** |\n\n---\n\n**Footnotes:**\n1. Tiger Cubs (Active): Bridger, Coatue, Discovery, Healthcor, Impala, Joho, Lone Pine, Maverick, Sun Valley, Tiger Global, Toscafund, Viking Global\n2. Core Position: A hedge fund that holds the position in its Top Ten 13F holdings according to Whalewisodom.com. \n3. Source: Whalewisdom.com and most recent 13F filings (Q1 2022). Whalewisdom tracks over 2,500 13F filing hedge funds. \n4. Source Bloomberg’s “ANR” on average as of 2022Q1\n\n---\n\n**Footer Navigation:**\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION<br>THE YARRA ADVANTAGE<br>INVESTMENT PHILOSOPHY | INVESTMENT PROCESS<br>**PORTFOLIO CONSTRUCTION**<br>CURRENT ENVIRONMENT | RISK MANAGEMENT<br>HISTORICAL PERFORMANCE<br>FUND TERMS & SERVICE PROVIDERS | APPENDIX |\n\n**STRICTLY CONFIDENTIAL | 9**",
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"gemini_markdown": "# CURRENT ENVIRONMENT\n\nWe believe the SPAC IPO “Boom” and frothy IPO valuations present long & short opportunities\n\n> “The recent “boom” in SPACs and IPOs has led to an unusually rich opportunity set to make money both on the long and short side of our portfolio. The less stringent regulatory requirements for SPACs to publicly list has led to several poor-quality businesses being brought to market. A similar dynamic can be found in the IPO market with what we considered to be frothy valuations being attributed to many dubious businesses.”\n> *Yarra Square’s Investor Letter 2021 Q3*\n\n***\n\n## Left Column\n\n### SPAC IPO Activity\n(IPO Count)\n\n**Summary Comparison:**\n| 2017 to 2020 | | 2021 YTD |\n| :--- | :---: | :--- |\n| 511 IPOs | **VS** | 534 |\n| $127.5 bn raised | **VS** | $150.5 |\n\n**Bar Chart: SPAC IPO Activity by Quarter**\n* **Structure:** A vertical bar chart showing the count of SPAC IPOs per quarter from Q1 2017 through Q3 2021. \n* **X-Axis:** Quarters (Q1, Q2, Q3, Q4) grouped by Year (2017, 2018, 2019, 2020, 2021).\n* **Y-Axis:** Implied count of IPOs.\n* **Data Values (from labels above each bar):**\n * **2017:** Q1 (6), Q2 (10), Q3 (16), Q4 (18)\n * **2018:** Q1 (26), Q2 (23), Q3 (20), Q4 (24)\n * **2019:** Q1 (22), Q2 (22), Q3 (24), Q4 (24)\n * **2020:** Q1 (19), Q2 (25), Q3 (89 - *Initial spike begins*), Q4 (143 - *Strong upward trend*)\n * **2021:** Q1 (317 - *Major peak / highest value*), Q2 (106 - *Sharp drop*), Q3 (111)\n\n(Source: Pitchbook | Geography: US)\n\n**The first 9 months of 2021 recorded more SPAC IPOs than were recorded in the prior 4 years.**\n\n***\n\n## Right Column\n\n### Distribution of IPO Returns Post IPO\n\n**Stacked Bar Chart: Post-IPO Returns Over Time**\n* **Structure:** A 100% stacked bar chart (diverging) extending upwards and downwards from a 0% baseline to show the distribution of post-IPO returns relative to an index. \n* **Y-Axis:** \"% of Total IPOs\", extending from 0% up to 60% (positive returns) and 0% down to -60% (negative returns). Dotted horizontal reference lines are present at 50% (\"50% Above\") and -50% (\"50% Below\").\n* **X-Axis:** \"Days Past First Trade Date\" representing time horizons: 1-Day, 5-Days, 1mo, 3mo, .5 Yr, 1Yr, 2 Yr, 3 Yr.\n* **Legend (Index-Adjusted Ranges):**\n * **Positive (Stacked upward from 0):** 0 to 2.5%, 2.5 to 5%, 5 to 10%, Greater than 10% (Darkest green, top stack)\n * **Negative (Stacked downward from 0):** 0 to -2.5%, -2.5 to -5%, -5 to -10%, Worse than -10% (Darkest red, bottom stack)\n* **Trend & Labeled Values Observation:**\n As time progresses from 1-Day to 3 Years, the middle tiers shrink drastically, and the extreme tiers (\"Greater than 10%\" and \"Worse than -10%\") expand to consume the vast majority of the distribution, creating a polarized \"fat tail\" effect.\n * **1-Day:** Top green (8%), 2nd green (12%), bottom green (26%). Lower red segments labeled 26%, 11%, and bottom dark red (7%). \n * **5-Days:** Top green expands to 14%, middle greens are 11%, 11%, 17%. Bottom red expands to 10%.\n * **1mo:** Top green (25%), bottom red (20%).\n * **3mo:** Top green (34%), bottom red (32%). Extreme tiers are now the largest segments.\n * **.5 Yr:** Top green (33%), bottom red (42%). \n * **1Yr:** Top green (34%), bottom red (50%). The worst performing segment hits the 50% line.\n * **2 Yr:** Top green (31%), bottom red (60%). \n * **3 Yr:** Top green (29%), bottom red (64%). By year 3, nearly 93% of all IPOs sit in the two most extreme return buckets.\n\nSource Factset, Nasdaq from 2010 to 2020\n\n**A large proportion of IPOs either significantly under or over perform the indices.**\n\nNote: Returns indexed to closing price of first trade date. Small cap companies indexed relative to the Russell 2000, Large Cap companies indexed relative to the S&P 500.\n\n***\n\n## Footer\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | **CURRENT ENVIRONMENT** | FUND TERMS & SERVICE PROVIDERS | |\n\n*(Graphic logo consisting of grouped grey and blue squares in a geometric pattern)*\n\nSTRICTLY CONFIDENTIAL | 10",
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"markdown": "# CURRENT ENVIRONMENT\n\nWe believe the SPAC IPO “Boom” and frothy IPO valuations present long & short opportunities\n\n> “The recent “boom” in SPACs and IPOs has led to an unusually rich opportunity set to make money both on the long and short side of our portfolio. The less stringent regulatory requirements for SPACs to publicly list has led to several poor-quality businesses being brought to market. A similar dynamic can be found in the IPO market with what we considered to be frothy valuations being attributed to many dubious businesses.”\n> *Yarra Square’s Investor Letter 2021 Q3*\n\n***\n\n## Left Column\n\n### SPAC IPO Activity\n(IPO Count)\n\n**Summary Comparison:**\n| 2017 to 2020 | | 2021 YTD |\n| :--- | :---: | :--- |\n| 511 IPOs | **VS** | 534 |\n| $127.5 bn raised | **VS** | $150.5 |\n\n**Bar Chart: SPAC IPO Activity by Quarter**\n* **Structure:** A vertical bar chart showing the count of SPAC IPOs per quarter from Q1 2017 through Q3 2021. \n* **X-Axis:** Quarters (Q1, Q2, Q3, Q4) grouped by Year (2017, 2018, 2019, 2020, 2021).\n* **Y-Axis:** Implied count of IPOs.\n* **Data Values (from labels above each bar):**\n * **2017:** Q1 (6), Q2 (10), Q3 (16), Q4 (18)\n * **2018:** Q1 (26), Q2 (23), Q3 (20), Q4 (24)\n * **2019:** Q1 (22), Q2 (22), Q3 (24), Q4 (24)\n * **2020:** Q1 (19), Q2 (25), Q3 (89 - *Initial spike begins*), Q4 (143 - *Strong upward trend*)\n * **2021:** Q1 (317 - *Major peak / highest value*), Q2 (106 - *Sharp drop*), Q3 (111)\n\n(Source: Pitchbook | Geography: US)\n\n**The first 9 months of 2021 recorded more SPAC IPOs than were recorded in the prior 4 years.**\n\n***\n\n## Right Column\n\n### Distribution of IPO Returns Post IPO\n\n**Stacked Bar Chart: Post-IPO Returns Over Time**\n* **Structure:** A 100% stacked bar chart (diverging) extending upwards and downwards from a 0% baseline to show the distribution of post-IPO returns relative to an index. \n* **Y-Axis:** \"% of Total IPOs\", extending from 0% up to 60% (positive returns) and 0% down to -60% (negative returns). Dotted horizontal reference lines are present at 50% (\"50% Above\") and -50% (\"50% Below\").\n* **X-Axis:** \"Days Past First Trade Date\" representing time horizons: 1-Day, 5-Days, 1mo, 3mo, .5 Yr, 1Yr, 2 Yr, 3 Yr.\n* **Legend (Index-Adjusted Ranges):**\n * **Positive (Stacked upward from 0):** 0 to 2.5%, 2.5 to 5%, 5 to 10%, Greater than 10% (Darkest green, top stack)\n * **Negative (Stacked downward from 0):** 0 to -2.5%, -2.5 to -5%, -5 to -10%, Worse than -10% (Darkest red, bottom stack)\n* **Trend & Labeled Values Observation:**\n As time progresses from 1-Day to 3 Years, the middle tiers shrink drastically, and the extreme tiers (\"Greater than 10%\" and \"Worse than -10%\") expand to consume the vast majority of the distribution, creating a polarized \"fat tail\" effect.\n * **1-Day:** Top green (8%), 2nd green (12%), bottom green (26%). Lower red segments labeled 26%, 11%, and bottom dark red (7%). \n * **5-Days:** Top green expands to 14%, middle greens are 11%, 11%, 17%. Bottom red expands to 10%.\n * **1mo:** Top green (25%), bottom red (20%).\n * **3mo:** Top green (34%), bottom red (32%). Extreme tiers are now the largest segments.\n * **.5 Yr:** Top green (33%), bottom red (42%). \n * **1Yr:** Top green (34%), bottom red (50%). The worst performing segment hits the 50% line.\n * **2 Yr:** Top green (31%), bottom red (60%). \n * **3 Yr:** Top green (29%), bottom red (64%). By year 3, nearly 93% of all IPOs sit in the two most extreme return buckets.\n\nSource Factset, Nasdaq from 2010 to 2020\n\n**A large proportion of IPOs either significantly under or over perform the indices.**\n\nNote: Returns indexed to closing price of first trade date. Small cap companies indexed relative to the Russell 2000, Large Cap companies indexed relative to the S&P 500.\n\n***\n\n## Footer\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | **CURRENT ENVIRONMENT** | FUND TERMS & SERVICE PROVIDERS | |\n\n*(Graphic logo consisting of grouped grey and blue squares in a geometric pattern)*\n\nSTRICTLY CONFIDENTIAL | 10",
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"gemini_markdown": "# RISK MANAGEMENT \nActive risk management at multiple levels, real-time and throughout the investment process\n\n### POSITION SIZING\n\n**COMPANY**\nYarra Square’s level of conviction in base case, overall risk/reward, and our degree of variance from consensus.\n\nVolatility of underlying economic performance.\n\n**MARKET**\nExposure to market factors e.g. beta, momentum, value etc.\n\nCrowdedness by hedge funds.\n\n**PORTFOLIO**\nMarginal contribution to portfolio risk.\n\nPre-existing portfolio risk levels e.g. gross and net, industry, and geographic exposures.\n\nBalance of factor exposures.\n\n***\n\n### POSITION GUIDELINES\n\n**MAXIMUM POSITION SIZES**\nLong ~15%\n\nShort ~5%\n\n**INITIAL POSITION SIZES**\nLong 3 - 10%\n\nShort 1.5 - 4%\n\n**TRIGGER POINTS FOR REVIEW**\nLong size of 15%\n\nShort size of 5%\n\n20% movement against (Long and Short)\n\n***\n\n### PORTFOLIO\n\nThe portfolio is monitored on a daily basis with regard to nominal and beta exposure levels, factor exposures, and position sizing.\n\nCertain levels of factor risk will trigger a portfolio review.\n\nGross and net levels will primarily depend upon our bottom-up evaluation of individual companies and also assessment of market risk.\n\n***\n\n*Note: The risk management guidelines and other parameters described above are guidelines and are provided for illustrative purposes only. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction philosophy and guidelines set forth above should not be relied upon as being in effect at any point in time and will vary over time without notice to or the consent of investors.*\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | **RISK MANAGEMENT** | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 11",
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"markdown": "# RISK MANAGEMENT \nActive risk management at multiple levels, real-time and throughout the investment process\n\n### POSITION SIZING\n\n**COMPANY**\nYarra Square’s level of conviction in base case, overall risk/reward, and our degree of variance from consensus.\n\nVolatility of underlying economic performance.\n\n**MARKET**\nExposure to market factors e.g. beta, momentum, value etc.\n\nCrowdedness by hedge funds.\n\n**PORTFOLIO**\nMarginal contribution to portfolio risk.\n\nPre-existing portfolio risk levels e.g. gross and net, industry, and geographic exposures.\n\nBalance of factor exposures.\n\n***\n\n### POSITION GUIDELINES\n\n**MAXIMUM POSITION SIZES**\nLong ~15%\n\nShort ~5%\n\n**INITIAL POSITION SIZES**\nLong 3 - 10%\n\nShort 1.5 - 4%\n\n**TRIGGER POINTS FOR REVIEW**\nLong size of 15%\n\nShort size of 5%\n\n20% movement against (Long and Short)\n\n***\n\n### PORTFOLIO\n\nThe portfolio is monitored on a daily basis with regard to nominal and beta exposure levels, factor exposures, and position sizing.\n\nCertain levels of factor risk will trigger a portfolio review.\n\nGross and net levels will primarily depend upon our bottom-up evaluation of individual companies and also assessment of market risk.\n\n***\n\n*Note: The risk management guidelines and other parameters described above are guidelines and are provided for illustrative purposes only. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction philosophy and guidelines set forth above should not be relied upon as being in effect at any point in time and will vary over time without notice to or the consent of investors.*\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | **RISK MANAGEMENT** | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 11",
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"gemini_markdown": "# HISTORICAL PERFORMANCE\n\n## HISTORICAL NET PERFORMANCE\n(SUTTON SQUARE PARTNERS FUND, L.P. - PRIOR FUND from September 2016 to July 2018)\n\n| | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** | **YTD** | **ITD** | **CAGR** |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **2023** | 3.0% | 2.7% | (2.0%) | 1.0% | (0.6%) | 2.3% | (3.0%) | 4.6% | 3.5% | (1.8%) | | | **9.8%** | **53.3%** | **9.8%** |\n| **2022** | (2.8%) | 1.3% | 1.7% | (1.3%) | 2.2% | (8.6%) | 4.5% | (2.9%) | (4.5%) | 4.4% | 4.7% | (0.6%) | **(2.9%)** | **39.6%** | **9.3%** |\n| **2021** | (9.4%) | 6.2% | (0.8%) | 9.8% | 0.7% | (2.3%) | (.04%) | 4.4% | (2.8%) | 0.2% | (2.5%) | 4.4% | **6.5%** | **43.7%** | **14.1%** |\n| **2020** | 7.1% | (2.4%) | (10.7%) | 9.4% | 8.2% | (2.4%) | 7.6% | 9.6% | (7.8%) | (0.3%) | (2.8%) | 5.2% | **19.5%** | **35.0%** | **18.7%** |\n| **2019** | Relaunch as Yarra Square | | 5.2% | (2.0%) | 1.5% | 3.0% | 0.7% | (1.0%) | (1.4%) | 7.5% | (0.9%) | | **12.9%** | **12.9%** | **17.6%** |\n| **2018** | 7.6% | (4.8%) | (0.4%) | 0.6% | 1.9% | 0.1% | 1.3% | Sutton Square Close | | | | | **6.2%** | | |\n| **2017** | 2.3% | 4.7% | (0.9%) | 4.2% | 3.9% | 1.1% | 1.9% | (1.2%) | 1.4% | 3.1% | (1.4%) | 0.8% | **21.7%** | | |\n\n<br>\n\n**PERFORMANCE HIGHLIGHTS**\n\n* Superior alpha short ROIC of 54.3% LTM (Oct 2021 to Sept 2022) vs SPX (16.8%)\n* Downside protection during severe market drawdowns: 2020 Q1 Yarra (7%) vs SPX (20%) and 2022 YTD Yarra +1% vs SPX (12.8%)\n* Periods of strong short position profitability despite rising markets: short portfolio was profitable in aggregate during 2019, 2021 Q3, and 2021 Q4\n\n<br>\n\n**Important Note: (Sutton Square / Prior Fund):** The returns listed above for the period Sept 2016 through July 2018 are the returns for the Founders’ Series of Sutton Square Partners Fund, L.P. (the “Sutton Fund”), a private investment fund managed by Sutton Square Capital Management, L.P, an investment adviser co-founded by Victor Ho and for which Mr. Ho (i) served as the Portfolio Manager, and (ii) was responsible for all investment decisions. The Sutton Fund pursued an investment strategy that is substantially similar to the strategy that will be pursued by Yarra Square Partners LP with respect to Yarra Square Master Fund LP (together with its feeder funds Yarra Square LP and Yarra Square Offshore Ltd., the “Yarra Square Fund”). The returns listed above reflect the unaudited and estimated returns for the Founders’ Series of the Sutton Fund for the periods stated therein. These returns are presented net of all fees and expenses applicable to investors in the Founders’ Series of the Sutton Fund and reflect the reinvestment of dividends, capital gains and other earnings. Founders’ Series investments in the Sutton Fund were subject to a 10% incentive allocation and a management fee of 1% annually. Please note that the net returns presented reflect the returns of the Sutton Fund assuming a Founders’ Series investor “since inception”, with no subsequent capital contributions or withdrawals. Performance returns for individual investors in the Sutton Fund may have differed from those provided herein due to, among other things, the timing of subscriptions and redemptions/withdrawals, differing management fee and or incentive allocation rates, relevant expenses, and “new issues” eligibility. Past performance of the Sutton Fund is not indicative of future results of the Yarra Square Fund. There can be no assurance that the Yarra Square Fund will have a return on capital similar to these historical returns because, among other reasons, there may be differences in economic conditions, regulatory climate, portfolio size, leverage use, expenses and structure, as well as investment policies and techniques. In addition, although the general investment strategy of the Yarra Square Fund is expected to be substantially similar to that of the Sutton Fund, there may be times that investment decisions with respect to the Yarra Square Fund will differ from what would have been made with respect to an investment made for the Sutton Fund due to, among other reasons, regulatory, risk, tax, compliance or other considerations.\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | **HISTORICAL PERFORMANCE** | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n<div align=\"right\">\nSTRICTLY CONFIDENTIAL | 12\n</div>",
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"markdown": "# HISTORICAL PERFORMANCE\n\n## HISTORICAL NET PERFORMANCE\n(SUTTON SQUARE PARTNERS FUND, L.P. - PRIOR FUND from September 2016 to July 2018)\n\n| | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** | **YTD** | **ITD** | **CAGR** |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **2023** | 3.0% | 2.7% | (2.0%) | 1.0% | (0.6%) | 2.3% | (3.0%) | 4.6% | 3.5% | (1.8%) | | | **9.8%** | **53.3%** | **9.8%** |\n| **2022** | (2.8%) | 1.3% | 1.7% | (1.3%) | 2.2% | (8.6%) | 4.5% | (2.9%) | (4.5%) | 4.4% | 4.7% | (0.6%) | **(2.9%)** | **39.6%** | **9.3%** |\n| **2021** | (9.4%) | 6.2% | (0.8%) | 9.8% | 0.7% | (2.3%) | (.04%) | 4.4% | (2.8%) | 0.2% | (2.5%) | 4.4% | **6.5%** | **43.7%** | **14.1%** |\n| **2020** | 7.1% | (2.4%) | (10.7%) | 9.4% | 8.2% | (2.4%) | 7.6% | 9.6% | (7.8%) | (0.3%) | (2.8%) | 5.2% | **19.5%** | **35.0%** | **18.7%** |\n| **2019** | Relaunch as Yarra Square | | 5.2% | (2.0%) | 1.5% | 3.0% | 0.7% | (1.0%) | (1.4%) | 7.5% | (0.9%) | | **12.9%** | **12.9%** | **17.6%** |\n| **2018** | 7.6% | (4.8%) | (0.4%) | 0.6% | 1.9% | 0.1% | 1.3% | Sutton Square Close | | | | | **6.2%** | | |\n| **2017** | 2.3% | 4.7% | (0.9%) | 4.2% | 3.9% | 1.1% | 1.9% | (1.2%) | 1.4% | 3.1% | (1.4%) | 0.8% | **21.7%** | | |\n\n<br>\n\n**PERFORMANCE HIGHLIGHTS**\n\n* Superior alpha short ROIC of 54.3% LTM (Oct 2021 to Sept 2022) vs SPX (16.8%)\n* Downside protection during severe market drawdowns: 2020 Q1 Yarra (7%) vs SPX (20%) and 2022 YTD Yarra +1% vs SPX (12.8%)\n* Periods of strong short position profitability despite rising markets: short portfolio was profitable in aggregate during 2019, 2021 Q3, and 2021 Q4\n\n<br>\n\n**Important Note: (Sutton Square / Prior Fund):** The returns listed above for the period Sept 2016 through July 2018 are the returns for the Founders’ Series of Sutton Square Partners Fund, L.P. (the “Sutton Fund”), a private investment fund managed by Sutton Square Capital Management, L.P, an investment adviser co-founded by Victor Ho and for which Mr. Ho (i) served as the Portfolio Manager, and (ii) was responsible for all investment decisions. The Sutton Fund pursued an investment strategy that is substantially similar to the strategy that will be pursued by Yarra Square Partners LP with respect to Yarra Square Master Fund LP (together with its feeder funds Yarra Square LP and Yarra Square Offshore Ltd., the “Yarra Square Fund”). The returns listed above reflect the unaudited and estimated returns for the Founders’ Series of the Sutton Fund for the periods stated therein. These returns are presented net of all fees and expenses applicable to investors in the Founders’ Series of the Sutton Fund and reflect the reinvestment of dividends, capital gains and other earnings. Founders’ Series investments in the Sutton Fund were subject to a 10% incentive allocation and a management fee of 1% annually. Please note that the net returns presented reflect the returns of the Sutton Fund assuming a Founders’ Series investor “since inception”, with no subsequent capital contributions or withdrawals. Performance returns for individual investors in the Sutton Fund may have differed from those provided herein due to, among other things, the timing of subscriptions and redemptions/withdrawals, differing management fee and or incentive allocation rates, relevant expenses, and “new issues” eligibility. Past performance of the Sutton Fund is not indicative of future results of the Yarra Square Fund. There can be no assurance that the Yarra Square Fund will have a return on capital similar to these historical returns because, among other reasons, there may be differences in economic conditions, regulatory climate, portfolio size, leverage use, expenses and structure, as well as investment policies and techniques. In addition, although the general investment strategy of the Yarra Square Fund is expected to be substantially similar to that of the Sutton Fund, there may be times that investment decisions with respect to the Yarra Square Fund will differ from what would have been made with respect to an investment made for the Sutton Fund due to, among other reasons, regulatory, risk, tax, compliance or other considerations.\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | APPENDIX |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | **HISTORICAL PERFORMANCE** | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\n<div align=\"right\">\nSTRICTLY CONFIDENTIAL | 12\n</div>",
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"gemini_markdown": "```markdown\n# SUMMARY OF FUND TERMS & SERVICE PROVIDERS\n\n| | FOUNDERS CLASS<br>(CLOSED JAN 2021) |\n| :--- | :---: |\n| **FEES** | 1% Management Fee; 10% Incentive Allocation |\n| **LOCK-UP** | 1-Year Soft Lock |\n| **EARLY REDEMPTION** | 3% |\n| **LIQUIDITY** | Quarterly |\n| **NOTICE PERIOD** | 60 Calendar Days |\n| | |\n| **PRIME BROKERS** | Goldman Sachs, Morgan Stanley |\n| **ADMINISTRATOR** | Morgan Stanley Fund Services |\n| **AUDITOR** | EisnerAmper |\n| **LEGAL COUNSEL** | Kleinberg, Kaplan, Wolff & Cohen, P.C. |\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION<br>THE YARRA ADVANTAGE<br>INVESTMENT PHILOSOPHY | INVESTMENT PROCESS<br>PORTFOLIO CONSTRUCTION<br>CURRENT ENVIRONMENT | RISK MANAGEMENT<br>HISTORICAL PERFORMANCE<br>**FUND TERMS & SERVICE PROVIDERS** | APPENDIX |\n\nSTRICTLY CONFIDENTIAL | 13\n```",
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"markdown": "```markdown\n# SUMMARY OF FUND TERMS & SERVICE PROVIDERS\n\n| | FOUNDERS CLASS<br>(CLOSED JAN 2021) |\n| :--- | :---: |\n| **FEES** | 1% Management Fee; 10% Incentive Allocation |\n| **LOCK-UP** | 1-Year Soft Lock |\n| **EARLY REDEMPTION** | 3% |\n| **LIQUIDITY** | Quarterly |\n| **NOTICE PERIOD** | 60 Calendar Days |\n| | |\n| **PRIME BROKERS** | Goldman Sachs, Morgan Stanley |\n| **ADMINISTRATOR** | Morgan Stanley Fund Services |\n| **AUDITOR** | EisnerAmper |\n| **LEGAL COUNSEL** | Kleinberg, Kaplan, Wolff & Cohen, P.C. |\n\n***\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION<br>THE YARRA ADVANTAGE<br>INVESTMENT PHILOSOPHY | INVESTMENT PROCESS<br>PORTFOLIO CONSTRUCTION<br>CURRENT ENVIRONMENT | RISK MANAGEMENT<br>HISTORICAL PERFORMANCE<br>**FUND TERMS & SERVICE PROVIDERS** | APPENDIX |\n\nSTRICTLY CONFIDENTIAL | 13\n```",
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"markdown": "**YARRA SQUARE PARTNERS**\n\n# A P P E N D I X\n\n***\nSTRICTLY CONFIDENTIAL\n\nSTRICTLY CONFIDENTIAL | 14",
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"gemini_markdown": "# THE YARRA TEAM\nVictor Ho has a strong track record of building and managing investment teams\n\n### Organizational Chart: Team Structure\n*A hierarchical organizational chart detailing the reporting structure and experience of the Yarra Team.*\n\n* **Top Level**\n * **VICTOR HO**\n * **Title:** Chief Investment Officer\n * **Experience:** 20+ years experience including hiring and managing investment teams\n * *Branches down to:* **INVESTMENT TEAM** and **BUSINESS TEAM**\n\n* **Branch 1: INVESTMENT TEAM**\n * **JONATHAN PINES**\n * **Title:** Managing Director\n * **Experience:** 11 years experience\n * **Background:** Prior firm: Gates Capital | Joined Sutton Square in 2016\n * **CHRISTOPHER NOELCKE**\n * **Title:** Managing Director\n * **Experience:** 14 years experience\n * **Background:** Prior firm: New Mountain Capital | Joined Yarra Square in 2020\n\n* **Branch 2: BUSINESS TEAM**\n * **MICHAEL HERRING**\n * **Title:** CFO & CCO\n * **Experience:** 20+ years experience\n * **Background:** Prior firm: Azora Capital | Joined Yarra Square in 2019\n\n***\n\n### Footer Navigation\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | **APPENDIX** |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 15",
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"markdown": "# THE YARRA TEAM\nVictor Ho has a strong track record of building and managing investment teams\n\n### Organizational Chart: Team Structure\n*A hierarchical organizational chart detailing the reporting structure and experience of the Yarra Team.*\n\n* **Top Level**\n * **VICTOR HO**\n * **Title:** Chief Investment Officer\n * **Experience:** 20+ years experience including hiring and managing investment teams\n * *Branches down to:* **INVESTMENT TEAM** and **BUSINESS TEAM**\n\n* **Branch 1: INVESTMENT TEAM**\n * **JONATHAN PINES**\n * **Title:** Managing Director\n * **Experience:** 11 years experience\n * **Background:** Prior firm: Gates Capital | Joined Sutton Square in 2016\n * **CHRISTOPHER NOELCKE**\n * **Title:** Managing Director\n * **Experience:** 14 years experience\n * **Background:** Prior firm: New Mountain Capital | Joined Yarra Square in 2020\n\n* **Branch 2: BUSINESS TEAM**\n * **MICHAEL HERRING**\n * **Title:** CFO & CCO\n * **Experience:** 20+ years experience\n * **Background:** Prior firm: Azora Capital | Joined Yarra Square in 2019\n\n***\n\n### Footer Navigation\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | **APPENDIX** |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 15",
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"gemini_markdown": "# TEAM BIOGRAPHIES\n\n**VICTOR HO**\nFounder and CIO\n\nVictor Ho is the Founder and Chief Investment Officer of Yarra Square. He was a Co-Founder and the sole Portfolio Manager of Sutton Square Partners (2016-2018). Victor relaunched the Sutton Square investment team as Yarra Square Partners LP with a seed investment from Tiger Management L.L.C. after the announcement that his Sutton partner (and former Co-Founder of Taconic Capital), Ken Brody, was retiring. Previously, Victor worked at Conatus Capital (2007-2016) where he was a Partner, Managing Director and Member of the Management Committee. While at Conatus he was responsible for their investments in industrials, real estate, business services and select internet and consumer positions. Prior to this he was an Analyst at Och-Ziff Capital (2005-2007). Victor commenced his investing career at Castle Harlan (2002-2005), a New York-based private equity firm. He has also worked as a management consultant in Australia and the US with McKinsey & Company (1998-2000) and as a lawyer with Mallesons Stephen Jaques (1997). Victor has an MBA, with distinction, from Harvard Business School (2002) and both a BComm and LLB, first class honors, from the University of Melbourne (1994 and 1996).\n\n---\n\n**JONATHAN PINES**\nManaging Director\n\nJonathan is an analyst at Yarra Square Partners and joined our previous fund in 2016. Previously Jonathan was an analyst at Gates Capital Management, where he focused on long and short investment opportunities in companies undergoing corporate change or various special situations (2012-2016). Prior to Gates, Jonathan was an investment banking analyst at Sagent Advisors (2010-2012). Jonathan graduated summa cum laude from the Wharton School, University of Pennsylvania, BS (Finance) (2010).\n\n---\n\n**CHRIS NOELCKE**\nManaging Director\n\nChristopher is an analyst at Yarra Square Partners. Previously, Christopher was a Director at New Mountain Capital (2012-2020), where he was a member of the public equities team. Prior to working at New Mountain, he was a hedge fund analyst at Rollins Capital Partners (2010-2012), a private equity associate at Silver Lake Partners (2006-2008) and an investment banking analyst at Morgan Stanley (2004-2006). Christopher received his B.S. in Business Administration and B.A. in Political Science and graduated with highest distinction from the University of North Carolina at Chapel Hill in 2004. He received his M.B.A. from the Stanford Graduate School of Business in 2010.\n\n---\n\n**MICHAEL HERRING**\nChief Financial Officer & Chief Compliance Officer\n\nMichael is the Chief Financial Officer and Chief Compliance Officer of Yarra Square Partners. Previously, Michael was the CFO and CCO of Azora Capital from 2017 to 2018. Prior to joining Azora, he was the Chief Financial Officer of Caravel Management in 2015 and 2016 and the Chief Operating Officer of Pine Grove Asset Management from 2011 to 2015. Previous to that, he was the U.S. Chief Operating Officer and Chief Financial Officer for Nikko Asset Management Americas from 2009 to 2011. Michael holds a CPA and began his career in public accounting at Ernst & Young. He earned a B.S. in Accounting from the University of Scranton in 1992, an MBA from New York University in 2004, and an MLA (Information Management Systems emphasis Cybersecurity – Extension Studies) from Harvard University (2020). Additionally, he is a Certified Information Systems Auditor certificate holder and has held Series 3, 7, 9, 10, 16, 24, 55 and 63 licenses.\n\n---\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | **APPENDIX** |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 16",
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"markdown": "# TEAM BIOGRAPHIES\n\n**VICTOR HO**\nFounder and CIO\n\nVictor Ho is the Founder and Chief Investment Officer of Yarra Square. He was a Co-Founder and the sole Portfolio Manager of Sutton Square Partners (2016-2018). Victor relaunched the Sutton Square investment team as Yarra Square Partners LP with a seed investment from Tiger Management L.L.C. after the announcement that his Sutton partner (and former Co-Founder of Taconic Capital), Ken Brody, was retiring. Previously, Victor worked at Conatus Capital (2007-2016) where he was a Partner, Managing Director and Member of the Management Committee. While at Conatus he was responsible for their investments in industrials, real estate, business services and select internet and consumer positions. Prior to this he was an Analyst at Och-Ziff Capital (2005-2007). Victor commenced his investing career at Castle Harlan (2002-2005), a New York-based private equity firm. He has also worked as a management consultant in Australia and the US with McKinsey & Company (1998-2000) and as a lawyer with Mallesons Stephen Jaques (1997). Victor has an MBA, with distinction, from Harvard Business School (2002) and both a BComm and LLB, first class honors, from the University of Melbourne (1994 and 1996).\n\n---\n\n**JONATHAN PINES**\nManaging Director\n\nJonathan is an analyst at Yarra Square Partners and joined our previous fund in 2016. Previously Jonathan was an analyst at Gates Capital Management, where he focused on long and short investment opportunities in companies undergoing corporate change or various special situations (2012-2016). Prior to Gates, Jonathan was an investment banking analyst at Sagent Advisors (2010-2012). Jonathan graduated summa cum laude from the Wharton School, University of Pennsylvania, BS (Finance) (2010).\n\n---\n\n**CHRIS NOELCKE**\nManaging Director\n\nChristopher is an analyst at Yarra Square Partners. Previously, Christopher was a Director at New Mountain Capital (2012-2020), where he was a member of the public equities team. Prior to working at New Mountain, he was a hedge fund analyst at Rollins Capital Partners (2010-2012), a private equity associate at Silver Lake Partners (2006-2008) and an investment banking analyst at Morgan Stanley (2004-2006). Christopher received his B.S. in Business Administration and B.A. in Political Science and graduated with highest distinction from the University of North Carolina at Chapel Hill in 2004. He received his M.B.A. from the Stanford Graduate School of Business in 2010.\n\n---\n\n**MICHAEL HERRING**\nChief Financial Officer & Chief Compliance Officer\n\nMichael is the Chief Financial Officer and Chief Compliance Officer of Yarra Square Partners. Previously, Michael was the CFO and CCO of Azora Capital from 2017 to 2018. Prior to joining Azora, he was the Chief Financial Officer of Caravel Management in 2015 and 2016 and the Chief Operating Officer of Pine Grove Asset Management from 2011 to 2015. Previous to that, he was the U.S. Chief Operating Officer and Chief Financial Officer for Nikko Asset Management Americas from 2009 to 2011. Michael holds a CPA and began his career in public accounting at Ernst & Young. He earned a B.S. in Accounting from the University of Scranton in 1992, an MBA from New York University in 2004, and an MLA (Information Management Systems emphasis Cybersecurity – Extension Studies) from Harvard University (2020). Additionally, he is a Certified Information Systems Auditor certificate holder and has held Series 3, 7, 9, 10, 16, 24, 55 and 63 licenses.\n\n---\n\n| | | | |\n| :--- | :--- | :--- | :--- |\n| INTRODUCTION | INVESTMENT PROCESS | RISK MANAGEMENT | **APPENDIX** |\n| THE YARRA ADVANTAGE | PORTFOLIO CONSTRUCTION | HISTORICAL PERFORMANCE | |\n| INVESTMENT PHILOSOPHY | CURRENT ENVIRONMENT | FUND TERMS & SERVICE PROVIDERS | |\n\nSTRICTLY CONFIDENTIAL | 16",
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"gemini_markdown": "# CONTACT INFORMATION\n\nFor information, please contact us at:\n\n## Yarra Square Partners LP\n101 Park Avenue 48th Floor\nNew York, NY 10178\n+1 (212) 390 9580\n\n## Investor Relations\ninvestors@yarrasq.com\n\n## To learn more about Yarra\n\n*Visual Data Representation: Five QR codes are arranged horizontally across the page. Below each QR code is a corresponding label describing the linked content.*\n* **QR Code 1:** Investor Presentation PDF\n* **QR Code 2:** Monthly PDF\n* **QR Code 3:** Distribution List\n* **QR Code 4:** Victor’s vCard\n* **QR Code 5:** Michael’s vCard\n\n---\n\n**Footer Navigation:**\n\n| | | |\n| :--- | :--- | :--- |\n| EXECUTIVE SUMMARY | INVESTMENT PROCESS | PORTFOLIO CONSTRUCTION |\n| THE YARRA ADVANTAGE | HISTORICAL PERFORMANCE | FUND TERMS & SERVICE PROVIDERS |\n| INVESTMENT PHILOSOPHY | RISK MANAGEMENT | **APPENDIX** |\n\nSTRICTLY CONFIDENTIAL | 17",
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