A Message From The Fund Manager,
Adrian Courtenay

Dear Investor,

Welcome to the GA-Courtenay Special Situations Fund.

Our aim is to deliver highly rewarding performance by concentrating on monopolistic businesses dominating industries with enduring growth tailwinds and enforceable barriers to entry. Barriers to entry—technological, regulatory, scale-based, or network-driven—are a decisive determinant of success in growth investing: in their absence, prospective value capture attracts pre-emptive denial by emergent competitors, materially increasing the probability of impairment.

Large holdings are weighted toward industries undergoing phase transition—thresholds at which technological development shifts rapidly and irreversibly—where the gradient of value creation is steepest. For our most compelling opportunities, we also prioritise situations significantly mispriced due to esoteric or transitory dislocations.

Across the full range of fund holdings, some businesses will be long established; others earlier in their lifecycle, where durable moats exist but are identifiable only through rigorous, first-principles research. By holding equities across the maturity spectrum, the fund combines balance with long-term compounding while remaining anchored to a consistent investment logic.

Leverage is applied not to speculate, but to amplify exposure to durability itself. By restricting investments to businesses where competitive erosion is structurally constrained, the fund seeks advantaged long-term outcomes without the fragility typically associated with high-return strategies. Systemic market dislocations are addressed through an always-on, positive-carry hedge, protecting the path to compounding through periods of elevated volatility.

In April 2025, The Hedge Fund Journal recognised GA-Courtenay Special Situations as the best-performing event-driven UCITS hedge fund over the trailing five-year period. That record encompasses a full platform transition following the withdrawal of financing and derivative arrangements in 2023, re-established only from the second half of 2025—a period that tested and ultimately reinforced the fund’s infrastructure, counterparties, and risk disciplines.

Today, the strategy operates with its full toolkit deployed within a specialised and resilient framework, positioning the fund to deliver peer-group-leading outcomes.

Best regards,

Adrian Courtenay