Avenir Global Fund commentary for the month ended March 31, 2019.

Dear Partner:

The Avenir Global Fund (the “Fund”) delivered a 9.9% (net of fees) return for the March 2019 quarter.1 In comparison, the MSCI ACWI index (in AUD) increased by 11.2% over the same period. Over the year up until 31 March 2019, the Fund has delivered 12.3% (net of fees) compared to the MSCI ACWI index which returned 10.8%.1

The market . . .

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