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Intermede Global Equities Fund - Monthly Report July 2017

Portfolio review

During July we started a position in Atacadão the leading food retailer in Brazil, following a recent initial public offering. The company is the dominant leader in the fast growing cash & carry format. With a substantial opportunity to open more stores in an immature Brazilian food retail market and with an attractive valuation, we have decided to add the name to the portfolio.

We sold Samsonite following a 49% surge in the stock price since we last added to the position late in February. After that move we no longer had enough upside to justify maintaining our position even though we continue to view the business favourably including its ability to add additional brands to its luggage platform and its wide lead in the category vs. the next largest players.

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