MLN – September 2021 monthly update

1
A WORD FROM THE MANAGER
Marlin’s gross performance return for August was up 0.6%,
while the adjusted NAV was 0.3%. This compared with our
global benchmark, S&P Large Mid Cap/S&P Small Cap
Index (50% hedged to NZD), which was up 2.0%.
Global equities delivered total returns of 2.5% in August.
Japan was the best performing region in August, closely
followed by the S&P 500 which delivered returns of
3.0%. US markets were supported by a well-received
speech from the US Fed Chairman, Jerome Powell, and
the passing of an infrastructure bill by the US Senate,
which now heads to the House of Representatives.
The delta variant of COVID-19 is a concern in the US,
especially in States with low vaccine up take, but to date,
we are not seeing a significant slowdown in consumer
foot traffic, restaurant bookings or flight activity.
Portfolio Developments
Gartner (+17%) delivered another strong quarterly
earnings result with continued strength across all product
lines and end-markets. Gartner’s core research products
continue to see strong demand from customers looking
to manage their IT and other business functions. With in-
person conferences expected to resume later this year,
this should provide a further boost to the business.
Signature Bank (+14%) continues to perform very
strongly even as interest rates in the US remain
stubbornly low. The company is benefitting from wider
interest in crypto currencies, most notably stable coins,
resulting in strong inflows of cheap deposits. Signature
Bank offers banking services to crypto currency
exchanges and institutions who participate in that space.
The bank also has positive lending momentum with
continued growth in capital call lending to private equity
and venture capital firms as well as a new mortgage
warehouse team, which should be additive. In addition,
with cash being 25% of assets, it was positive news that
the bank will be more aggressive investing into securities,
which should help net interest income.
Greggs (+10%) the UK based food-on-the-go retailer
is best known for its sausage rolls and meat pasties.
Shares have risen 70% year-to-date, benefitting from
the re-opening of the British economy. Greggs continues
to be an attractive long-term growth story with the
potential to keep opening stores at attractive returns,
capture market share (given the strength of their value
proposition and opening of new locations) and the
implementation of strategic initiatives. The latter includes
opening stores later into the evening, doing delivery
(which is now 8.5% of sales), click and collect and a new
and improved loyalty programme, which will allow for
much more personalisation.
Dollar Tree (-9%), the discount US retailer shares
were lower after its quarterly earnings update missed
expectations. The main cause was the continued
increase in shipping costs. The spot market for shipping
containers is up 280% year-on-year. We expect this to
be transitory as shipping capacity and supply chains
eventually correct. Looking through the freight headwind,
we were encouraged by the progress the company is
making on its growth initiatives. The company’s combo
store initiative, which combines Dollar Tree and Family
Dollar banners, is achieving a 20%+ sales uplift. The
company is also moving ahead and making progress on
its Dollar Tree Plus! initiative, which moves Dollar Tree
from a $1 fixed price point store to a multi-price point
retailer. This will lift store sales and profit margins.
Alibaba (-14%) was lower for the month as the changing
regulatory backdrop continues to be an area of focus for
the markets. New data privacy and security regulations
came out during the month. While the exact details are
still being finalised, we do not believe the proposed
changes will have a material impact on Alibaba’s
advertising business. The company also produced a
lacklustre earnings report as ecommerce growth lagged
peers. The company is currently investing heavily into
new growth areas such as community group buying and
1
Share Price Premium to NAV (including warrant price on a pro-rated basis and using NAV to four decimal places).
MONTHLY UPDATE
September 2021
MLN NAV
$
1. 3 0
$
1. 5 3
Share Price
Warrant PricePREMIUM
1
$
0.24 22.3
%

as at 31 August 2021

2
SECTOR SPLIT
as at 31 August 2021
KEY DETAILS
as at 31 August 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
$1.28
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
190m
MARKET CAPITALISATION
$291m
GEARING
None (maximum permitted 20% of
gross asset value)
35
%
CONSUMER
DISCRETIONARY
9
%
HEALTH CARE
15
%

FINANCIALS
24
%
COMMUNICATION
SERVICES
GEOGRAPHICAL
SPLIT
as at 31 August 2021
10
%
ASIA
74
%
NORTH
AMERICA
3
%
INDUSTRIALS
1
%

SOUTH AMERICA
The Marlin portfolio also holds cash.
13
%
13
%
INFORMATION
TECHNOLOGY
live streaming which is depressing profitability. As we
have seen during similar investment periods historically,
we expect these investments to accelerate growth
as Alibaba leverages its technological and logistics
capabilities into these new businesses.
StoneCo (-21%), the digital payments provider based in
Brazil, slid after strong operational growth in its business
was offset by higher-than-expected credit losses. As an
emerging payment provider that helps Small to Medium
businesses (SMBs) accept digital payments, StoneCo
delivered strong payment volume growth and new client
additions. Payment volumes grew 59% over the last year
and they now have 766,000 SMB clients (up 45% over
the last year). Teething problems with a new government
designed registration system for debt receivables has
caused higher than expected delinquencies on advances
Ashley Gardyne
Senior Portfolio Manager
Fisher Funds Management Limited

WEST
EUROPE
to customers. This has caused StoneCo to pull back
on lending until these issues are resolved. The core
payment processing part of the businesses is unaffected,
and we believe the option to extend credit to clients is
an important growth avenue for StoneCo longerterm.
Ultimately, we see the industry-wide credit teething
problems being resolved, and StoneCo delivering strong
growth in the years ahead.

3
AUGUST’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO
during the month
Typically the Marlin portfolio will be invested 90% or more in equities.
GARTNER
+17
%
SIGNATURE BANK
+14
%
GREGGS
+10
%
STONECO
-14
%
5 LARGEST PORTFOLIO POSITIONS as at 31 August 2021
FACEBOOK
10
%
ALPHABET
7
%
ALIBABA
7
%
TENCENT
7
%
SIGNATURE BANK
6
%
The remaining portfolio is made up of another 17 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
$
0.00
Nov
2016
Nov
2017
$
3.00
$
4.00
$
5.00
$
2.00
Nov
2018
Nov
2019
Nov
2020
TOTAL SHAREHOLDER RETURN to 31 August 2021
PERFORMANCE to 31 August 2021
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(1.8%)+5.0%+45.7%+31.1%+26.4%
Adjusted NAV Return+0.3%+6.9%+29.3%+18.8%+19.3%
Portfolio Performance
Gross Performance Return +0.6%+7.2%+34.1%+23.1%+23.6%
Benchmark Index^+2.0%+5.6%+30.9%+11.1%+13.9%
^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/
ALIBABA
-21
%

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 a 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
»On 19 April 2021 a new issue of warrants (MLNWE) was
announced
»The warrants were issued at no cost to eligible
shareholders in the ratio of one warrant for every four
Marlin shares held
»The warrants were allotted to shareholders on 17 May
2021 based on a 14 May 2021 Record Date and were
listed on the NZX Main Board from 18 May 2021.
(Information pertaining to the warrants was mailed/
emailed to shareholders in early May 2021)
»The Exercise Price of each warrant is $1.28, adjusted
down for the aggregate amount per Share of any cash
dividends declared on the Shares with a record date
during the period commencing on the date of allotment
of the Warrants and ending on the last Business Day
before the final Exercise Price is announced by Marlin.
Dividends totalling 4.89 cents per share have been
declared to date and there are two more dividends
expected to be declared in the remaining period up to
the announcement of the 20 May 2022 exercise price.
»The Exercise Date for the new warrants (MLNWE) is
20 May 2022
»The final Exercise Price will be announced and an
Exercise Form sent to warrant holders in April 2022

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