MLN – February 2021 monthly update

1
A WORD FROM THE MANAGER
Marlin’s gross performance for January was down (0.7%),
while the adjusted NAV was down (0.8%). This compared
with our global benchmark, which was up 0.5%.
By region, emerging markets were the leading performers,
up 3.1%, while developed markets generally declined (US
-1.0%, EU -1.1%, UK -0.8%).
It was a month of two-halves. The global roll out of
coronavirus vaccines and the increased likelihood of
substantial fiscal stimulus in the US drove markets higher at
the start of the month. However, these gains were reversed
in the second half due to concerns around the vaccine roll-
out and efficacy, coupled with delays to the stimulus as the
two political parties spar over key aspects of the proposed
legislation.
We continue to see signs of excess in the market. The
news this month was dominated by companies like
Gamestop (a video game retailer) and AMC (a cinema chain)
which saw their share prices increase by 17 times and 6
times, respectively. Both companies are facing structural
challenges as gaming purchases and movie consumption
shift online. Coupled with ongoing lockdowns, there was
a real possibility of these companies going bankrupt.
However, both names got the attention of retail investors,
who have been aggressively buying, pushing stock
prices well above fundamentals. We do not see this as
sustainable, and even as we write this, Gamestop has fallen
70% from highs.
But even beyond these names there are many more high-
growth and unprofitable technology companies that also
look stretched. One example is the recently listed Snowflake
(SNOW), which now trades at 129x last twelve-months
revenue.
Saying that, we still see pockets of value in this market,
particularly in large-cap tech, but also new names we
added in December (Greggs and Boston Scientific).
Portfolio Company Developments
Earnings season has begun, with six companies reporting
during the month.
Signature Bank (+22.5%) continued its strong
performance from recent months, driven by broad
strength in regional banks (the KRX regional bank index
was up ~9% for the month) coupled with another good
earnings result, with record deposit growth. The stock is
now up 117% from November lows.
Tencent (+20.8%) and Alibaba (+9.1%) both benefited
from the news that the US government decided against
restricting investments in the Chinese tech giants as
part of the wider banning of investment in Chinese
military-linked companies. In addition, Tencent has seen
massive demand from Chinese mainland-based retail and
institutional investors in recent months.
Greggs (+16%) has performed well since we first bought
it in December. A positive Q4 trading update was ahead
of expectations and highlighted continued momentum
throughout the quarter as restrictions eased and as
customers increasingly adopt the new digital and delivery
offerings.
Facebook (-5%) fell in January despite releasing strong
financial results. The company’s advertising revenue grew
31% in the fourth quarter, accelerating from the 22%
growth delivered last quarter. The company called out
strong advertising growth driven by ecommerce, as well
as the shift in consumer demand towards products and
away from services (e.g. travel and entertainment) as a
result of the pandemic. User engagement continues to
remain high and Facebook’s Daily Average Users climbed
11% to over 1.8 billion. Facebook remains one of our
largest holdings and we see years of growth ahead as
advertising moves to digital. We also see a lot of potential
as the company executes on its initiatives in ecommerce
(like Facebook Shops and Instagram Checkout) and on
monetising WhatsApp and Messenger.
1
Share Price Premium to NAV (using NAV to four decimal places).
MONTHLY UPDATE
February 2021
MLN NAV
$
1. 0 9
$
1. 2 8
Share Price
PREMIUM
1
17.4
%

as at 31 January 2021

2
SECTOR SPLIT
as at 31 January 2021
KEY DETAILS
as at 31 January 2021
FUND TYPE
Listed Investment Company
INVESTS IN
Growing international companies
LISTING DATE
1 October 2007
FINANCIAL YEAR END
30 June
TYPICAL PORTFOLIO
SIZE
20-35 stocks
INVESTMENT CRITERIA
Long-term growth
PERFORMANCE
OBJECTIVE
Long-term growth of capital and
dividends
TAX STATUS
Portfolio Investment Entity (PIE)
MANAGER
Fisher Funds Management Limited
MANAGEMENT
FEE RATE
1.25% of gross asset value
(reduced by 0.10% for every
1% of underperformance
relative to the change in the
NZ 90 Day Bank Bill Index
with a floor of 0.75%)
PERFORMANCE
FEE HURDLE
Changes in the NZ 90 Day Bank
Bill Index + 5%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high water mark
HIGH WATER MARK
$0.96
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
188m
MARKET CAPITALISATION
$240m
GEARING
None (maximum permitted 20% of
gross asset value)
37
%
CONSUMER
DISCRETIONARY
10
%
FINANCIALS
14
%

HEALTH CARE

WEST
EUROPE
20
%
COMMUNICATION
SERVICES
GEOGRAPHICAL
SPLIT
as at 31 January 2021
13
%
ASIA
72
%
NORTH AMERICA
5
%
INDUSTRIALS
2
%

SOUTH AMERICA
The Marlin portfolio also holds cash.
12
%
13
%
INFORMATION
TECHNOLOGY
The other detractors this quarter were largely concentrated
in companies impacted by further COVID lockdowns and
vaccine delays, including companies exposed to travel (i.e.
Hilton, Hexcel, Heico, and MasterCard) and physical
retail (Adidas, Essilor, and StoneCo).
Portfolio Changes
There were no material portfolio changes during the month.
Ashley Gardyne
Senior Portfolio Manager
Fisher Funds Management Limited

3
JANUARY’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO
during the month
Typically the Marlin portfolio will be invested 90% or more in equities.
SIGNATURE BANK
+23
%
TENCENT HOLDINGS
+21
%
GREGGS PLC
+16
%
STONECO
-12
%
5 LARGEST PORTFOLIO POSITIONS as at 31 January 2021
SIGNATURE BANK
8
%
FACEBOOK
8
%
ALIBABA
7
%
ALPHABET
7
%
TENCENT
5
%
The remaining portfolio is made up of another 19 stocks and cash.
Nov
2007
Nov
2008
Nov
2009
Nov
2010
Nov
2011
Nov
2012
Nov
2014
Nov
2013
Share Price/Total Shareholder Return
Share PriceTotal Shareholder Return
Nov
2015
$
1.00
$
0.50
$
0.00
$
1.50
Nov
2016
Nov
2017
$
3.00
$
3.50
$
4.00
$
2.00
Nov
2018
$
2.50
Nov
2019
Nov
2020
TOTAL SHAREHOLDER RETURN to 31 January 2021
PERFORMANCE to 31 January 2021
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(1.5%)+11.6%+33.9%+28.5%+21.6%
Adjusted NAV Return(0.8%)+8.4%+19.0%+14.9%+14.7%
Portfolio Performance
Gross Performance Return (0.7%)+10.8%+24.7%+18.5%+19.0%
Benchmark Index^+0.5%+14.7%+10.4%+7.4%+11.9%
^Benchmark index: World Small Cap Gross Index until 30 September 2015 & S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD) from 1 October 2015
Non-GAAP Financial Information
Marlin uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:
»adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation decisions after expenses, fees and tax,
»adjusted NAV return – the net return to an investor after expenses, fees and tax,
»gross performance return – the Manager’s portfolio performance in terms of stock selection and currency hedging before expenses, fees and tax, and
»total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any warrants into shares, and the dividends paid to shareholders. It
assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money) at warrant expiry date.
All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP measures. The calculations applied to non-GAAP
measures are described in the Marlin Non-GAAP Financial Information Policy. A copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-policies/
ADIDAS
-14
%

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been prepared as a general summary of the matters covered only, and it is by necessity
brief. The information and opinions are based upon sources which are believed to be reliable, but Marlin Global Limited and its officers and directors make no representation as to its accuracy or completeness.
The update is not intended to constitute professional or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from an authorised financial adviser
should be taken before making an investment. To the extent that the update contains data relating to the historical performance of Marlin Global Limited or its portfolio companies, please note that fund
performance can and will vary and that future results have no correlation with results historically achieved.
Marlin Global Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 484 0365 | Fax: +64 9 489 7139
Email: enquire@marlin.co.nz | www.marlin.co.nz
4
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777 | Fax: +64 9 488 8787
Email: enquiry@computershare.co.nz | www.computershare.com/nz
ABOUT
MARLIN GLOBAL
Marlin is an investment company
listed on the New Zealand Stock
Exchange. The company gives
shareholders an opportunity to
invest in a diversified portfolio of
between 20 and 35 quality growing
international companies (excluding
New Zealand and Australia) through
a single, professionally managed
investment. The aim of Marlin
is to offer investors competitive
returns through capital growth and
dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in August
2010
»Under this policy, 2% of average NAV is targeted
to be paid to shareholders quarterly
»Dividends paid by Marlin may include dividends
received, interest income, investment gains and/or
return of capital
»Shareholders who prefer to have increased
capital rather than a regular income stream have
the opportunity to participate in the company’s
dividend reinvestment plan (DRP)
»Shares issued to DRP participants are at a 3%
discount to market price
»Marlin became a portfolio investment entity on 1
October 2007. As a result, dividends paid to New
Zealand tax resident shareholders have not been
subject to further tax
Share Buyback Programme
»Marlin has a buyback programme in place allowing it (if it
elects to do so) to acquire its shares on market
»Shares bought back by the company are held as treasury
stock
»Shares held as treasury stock are available to be re-
issued for the dividend reinvestment plan
Warrants
»Warrants put Marlin Global in a better position to grow
further, operate efficiently, and pursue other capital
structure initiatives as appropriate
»A warrant is the right, not the obligation, to purchase an
ordinary share in Marlin Global at a fixed price on a fixed
date
»There are currently no Marlin Global warrants on issue

MANAGEMENT
Marlin’s portfolio is managed
by Fisher Funds Management
Limited. Ashley Gardyne (Senior
Portfolio Manager), Chris
Waters and Harry Smith (Senior
Investment Analysts) have prime
responsibility for managing
the Marlin portfolio. Together
they have significant combined
experience and are very capable
of researching and investing in
the quality global companies that
Marlin targets. Fisher Funds is
based in Takapuna, Auckland.

BOARD
The Manager has authority
delegated to it from the Board
to invest according to the
Management Agreement and
other written policies. The
Board of Marlin comprises
independent directors Alistair
Ryan (Chair), Carol Campbell,
Andy Coupe and Carmel
Fisher.