Avenir Capital 2Q20 Commentary: Vail Resorts

Avenir Capital commentary for the second quarter ended June 2020, discussing their positions in Vail Resorts, Sony and CBRE Group.Q2 2020 hedge fund letters, conferences and moreDear Partner:The Avenir Global Fund (the “Fund”) increased 4.7% for the June 2020 quarter bringing the past 1-year return to -11.6% (net)1. The MSCI ACWI index (AUD) returned 6.0% for the quarter and 4.1% for the past year. In local currency terms, the portfolio increased in value by 14.7% during the quarter but currency moves, which provided a useful buffer during the first quarter of the year, proved a headwind durin…