MLN – March 2021 monthly update

1
A WORD FROM THE MANAGER
Marlin’s gross performance return for February was up 7.0%,
while the adjusted NAV was up 6.3%. This compared with our
global benchmark, S&P Large Mid Cap/S&P Small Cap Index
(50% hedged to NZD), which was up 3.3%.
Equity markets closed the month with positive returns,
despite a drop towards the end of the month. The rotation in
favour of value (+4.8%) and small caps (+5.0%) over growth
(+0.4%) continued because of the expected post-pandemic
normalisation and rising US bond yields.
The selloff towards the end of the month was attributed to
investors worrying about inflation due to an impending US$1.9
trillion federal stimulus package that could force the Federal
Reserve to raise short-term borrowing costs. High-growth tech
companies have been hit the hardest, having benefited from
expectations of lower interest rates for an extended period of time.
Portfolio Company Developments
Signature Bank (+32% in local currency), continues to perform
well, as does the US banking index which was up +16% in
February. Underpinning this rise is a shift higher in the US 10-
year government bond yield, which ended the month at 1.42%,
up from 0.91% at the start of the year.
Signature Bank is also benefitting from wider interest in crypto
currencies. By offering banking services to crypto currency
exchanges and institutions who participate in that space the bank
is benefitting from strong growth in cheap deposits.
During the month we reduced our Signature Bank position, after
the rapid share price appreciation had taken the holding up to a
12% weighting in our portfolio. We are still confident in Signature
Bank’s ability to grow earnings at a mid-teens rate and therefore
the company remains one of our largest positions.
After Signature Bank, the portfolio next top three performers
all came from companies, in what we term, our ‘old habits
return’ bucket. This group of businesses includes airplane
componentry manufacturer, Hexcel (+23%), hotel brand
franchisor Hilton (+22%), and conference and research provider
Gartner (+18%). There is increased confidence that vaccination
programs currently underway could achieve large-scale
reopening of economies in the second half of the year.
PayPal (+11%) was buoyed by strong financial results and an
investor day that set out an impressive growth agenda for the
next five years.
PayPal has ambitions to move beyond simply being an online
checkout option to evolving into a payments ‘super app’ like
WeChat and AliPay in China. PayPal’s user numbers have
ballooned from 180 million in 2015 to 377 million today. They
have set an aggressive 2025 target of growing to 750m users,
aided by continued growth in core PayPal, but also explosive
growth in newer areas like Venmo for peer-to-peer payments,
in-store payments, cryptocurrency wallets, buy now pay later,
and newer capabilities like bill payments, investments, and
ecommerce. Their large and engaged userbase (bigger than
any US bank) and digital capabilities puts them in pole position
to capitalise on these new growth areas.
Over the next five years PayPal sees payment volumes and
earnings per share almost tripling. We concur. PayPal executed
extremely well on its prior five-year plan, and we see years of
strong growth ahead.
Facebook (-0.3%) lagged the market slightly in February.
Facebook has been in the news a lot in recent weeks,
with widespread coverage of its battle with the Australian
government about paying media outlets for news. We believe
it is important to have a vibrant and independent media sector
in any democracy and are pleased they have found a solution
here. Both Facebook and Google are negotiating with media
outlets globally to develop a revenue sharing model for content
that is shared on their platforms. We hope that the agreements
reached will fairly balance the value of news content to
Facebook and Google, with the value these businesses
provide to publishers in terms of distribution and new readers.
Facebook and Google’s targeted advertising provides a lot
of value to small businesses. It helps level the playing field
compared to traditional media formats like TV, radio and print
that favour large corporates. Without these platforms we
may not have had the strong growth in direct-to-consumer
businesses that created jobs, better products, and better value
to consumers. Companies that spring to mind include Dollar
Shave Club that undercut Gillette and can attribute much of
1
Share Price Premium to NAV (using NAV to four decimal places).
MONTHLY UPDATE
March 2021
MLN NAV
$
1.1 6
$
1. 3 1
Share Price
PREMIUM
1
13.1
%

as at 28 February 2021

2
SECTOR SPLIT
as at 28 February 2021
KEY DETAILS
as at 28 February 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
$246m
GEARING
None (maximum permitted 20% of
gross asset value)
36
%
CONSUMER
DISCRETIONARY
9
%
FINANCIALS
16
%

HEALTH CARE

WEST
EUROPE
19
%
COMMUNICATION
SERVICES
GEOGRAPHICAL
SPLIT
as at 28 February 2021
11
%
ASIA
74
%
NORTH AMERICA
5
%
INDUSTRIALS
2
%

SOUTH AMERICA
The Marlin portfolio also holds cash.
12
%
13
%
INFORMATION
TECHNOLOGY
its early success to its viral YouTube marketing. Allbirds’ highly
popular merino footwear is another great example.
Icon (-11%) was our largest detractor for the month after the
announcement of the acquisition of competitor PRA Healthcare
overshadowed strong quarterly earnings and guidance. This
transaction, if approved by regulators and shareholders,
would make Icon the second largest contract research
organisation (CRO), providing clinical research services to
pharma and biotech companies. Management believes that
this combination will provide a broader service offering and
geographic footprint, deeper therapeutic expertise, and strong
capability for remote or virtual clinical trials which have seen
increased adoption during the pandemic.
The market however was more sceptical of the proposed
acquisition, with the share price falling sharply on the
announcement. The merger of two large people-based
Ashley Gardyne
Senior Portfolio Manager
Fisher Funds Management Limited
businesses is always challenging, and prior mergers of
CRO’s have had some issues. We are realistic that there
could be some bumps along the road, but our initial view is
that this transaction will better position Icon in this attractive
and growing industry.

3
FEBRUARY’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO
during the month
Typically the Marlin portfolio will be invested 90% or more in equities.
SIGNATURE BANK
+32
%
HEXCEL CORP
+23
%
HILTON WORLDWIDE
HOLDINGS
+22
%
GARTNER INC
+19
%
5 LARGEST PORTFOLIO POSITIONS as at 28 February 2021
SIGNATURE BANK
8
%
ALPHABET
8
%
FACEBOOK
7
%
ALIBABA
6
%
MASTERCARD
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
$
4.50
$
2.00
Nov
2018
$
2.50
Nov
2019
Nov
2020
TOTAL SHAREHOLDER RETURN to 28 February 2021
PERFORMANCE to 28 February 2021
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+2.3%+2.5%+50.2%+29.0%+22.2%
Adjusted NAV Return+6.3%+7.7%+30.1%+17.7%+17.4%
Portfolio Performance
Gross Performance Return +7.0%+9.5%+38.0%+21.6%+21.9%
Benchmark Index^+3.3%+8.0%+21.8%+9.6%+13.0%
^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/
STONECO
+18
%

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.