The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

📢 Active Mandate - A Portfolio Company that we have an active contract with to share our commentary.

Bottom Drawer - A Portfolio Company that has not delivered on our Investment Memo objectives in a reasonable timeframe, or a key risk has materialised. We hold a position in the hope that it may eventually deliver a surprise outcome or acquire a new project OR we may look to exit these positions to free up capital for new Investments.

Current Investment - A Portfolio Company that we hold a position in and are interested in the company.

Past Investment - A Portfolio Company that we no longer hold a position in.

Portfolio Company - A company that has been added to one of our Portfolios (Next Investors, Catalyst Hunter, Next Biotech, Wise-Owl, Emerge).

Trophy Cabinet - A Portfolio Company that has exceeded our expectations and either delivered on our “Big Bet” OR delivered an outsized return during our minimum hold period. The company will either continue as a Current Investment OR we may eventually exit the position.