MLN – November 2021 monthly update

1
A WORD FROM THE MANAGER
Marlin’s gross performance return for October was up
2.3%, while the adjusted NAV was +1.5%. This compared
with our global benchmark, S&P Large Mid Cap/S&P Small
Cap Index (50% hedged to NZD), which was up 2.1%.
Following a weaker September, global markets bounced
back in October with the US leading the way, up 7%. The
US market had a strong start to Q3 earnings, with more
than 80% of companies beating analyst expectations, albeit
by a smaller magnitude than previous quarters.
Europe was up 4.2%, while Emerging Markets (+1%)
lagged the major western markets as resurgence of COVID
in Asia and Russia hampers economic growth.
Supply chain issues remain front of mind however, and
were a key discussion point in most company earnings
calls. A tight labour market and increasing wage costs
further adds to inflationary concerns.
Portfolio Developments
Dollar Tree (+13%) a top US discount retailer, stock price
rallied in October after the company announced that it will
introduce price points above US$1 (but not over US$3)
in its 7,700 stores. Dollar Tree has kept its US$1 fixed
price point for decades, even when peers have long since
moved to a multi-price point model in the face of inflation
and to manage profitability. This is incrementally positive as
the new higher pricing can be introduced in stores where
previously 90-100% of items were US$1. With these small
price increases we think Dollar Tree maintains its bargain-
hunting value proposition while giving the firm the ability to
protect profitability in the face of rising costs.
Alibaba (+11%) had a strong month, as the Chinese
tech industry enjoyed a period of relative calm following
the frenetic pace of regulatory announcements in recent
months, and with Chinese party leaders providing some
reassurance that the tech companies role in the nation’s
economic development has not been diminished.
Facebook / Meta Platforms (-5%) saw its share price
slide following financial results from Snapchat which
highlighted how Apple’s new privacy changes had hit its
advertising business. Facebooks results later in the month
showed that Facebook’s own advertising business had held
up relatively well – with revenue growing 35% on the prior
year. The more substantial news for Facebook however
was their announced name change to Meta Platforms,
and their intention to invest significantly ($10bn per year)
to try and build the next computing platform. CEO Mark
Zuckerberg has talked for a number of years about wanting
to contribute to the development of the metaverse, and to
technology like virtual reality that he thinks will be important
for the future of computing and communication. This is a
significant investment and an area we will monitor closely.
The payoffs here are uncertain, but we are comforted by
the company’s history of astute capital allocation – not least
the acquisition of Instagram in 2012 for just $1bn.
Mastercard (-3%) slipped in October on the back of
comments by Visa that they weren’t expecting their cross-
border revenues to return to pre-pandemic levels until
2023. Revenue from cross-border travel is particularly
lucrative and is an important part of both the Visa and
Mastercard’s businesses – which is why Mastercard
sold off by 6% in response to Visa’s news. Mastercard’s
own financial results later in the month showed that their
business is growing strongly, with revenue up 30% on
the prior year, and our expectation is for two more years
of elevated transaction, revenue and earnings growth
and international travel resumes. While the recovery may
not be happening as fast as some would like, we see a
long growth runway ahead, the potential for profit margin
expansion and valuation that is not as demanding as it
used to be.
1
Share Price Premium to NAV (including warrant price on a pro-rated basis and using NAV to four decimal places).
MONTHLY UPDATE
November 2021
MLN NAV
$
1. 2 6
$
1. 5 3
Share Price
Warrant PricePREMIUM
1
$
0.22 26.3
%

as at 31 October 2021

2
SECTOR SPLIT
as at 31 October 2021
KEY DETAILS
as at 31 October 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
$1.25
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
192m
MARKET CAPITALISATION
$293m
GEARING
None (maximum permitted 20% of
gross asset value)
35
%
CONSUMER
DISCRETIONARY
10
%
HEALTH CARE
15
%

FINANCIALS
24
%
COMMUNICATION
SERVICES
GEOGRAPHICAL
SPLIT
as at 31 October 2021
10
%
ASIA
73
%
NORTH
AMERICA
3
%
INDUSTRIALS
2
%

SOUTH AMERICA
The Marlin portfolio also holds cash.
12
%
14
%
INFORMATION
TECHNOLOGY
PayPal (-11%) saw its share price decline on limited
fundamental data in the month. The bulk of the decline
followed rumours that they were looking at acquiring image
sharing and advertising platform Pinterest for up to $45
billion. Investors struggled to see the synergies between
these two businesses and sent PayPal’s share price
tumbling on concerns that an acquisition would be value
destructive. PayPal has since publicly stated that it isn’t
pursuing an acquisition of Pinterest.
Ashley Gardyne
Senior Portfolio Manager
Fisher Funds Management Limited

WEST
EUROPE

3
OCTOBER’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO
during the month
Typically the Marlin portfolio will be invested 90% or more in equities.
DOLLAR TREE
+13
%
FLOOR & DÉCOR
HOLDINGS
+13
%
FIRST REPUBLIC
BANK
+12
%
ALPHABET INC
+11
%
5 LARGEST PORTFOLIO POSITIONS as at 31 October 2021
FACEBOOK
10
%
ALPHABET
7
%
ALIBABA
7
%
SIGNATURE BANK
7
%
TENCENT
7
%
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 October 2021
PERFORMANCE to 31 October 2021
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+2.6%(0.6%)+45.2%+32.6%+27.1%
Adjusted NAV Return+1.5%(1.4%)+31.8%+21.9%+19.3%
Portfolio Performance
Gross Performance Return +2.3%(0.4%)+37.7%+26.4%+23.6%
Benchmark Index^+2.1%+1.6%+34.3%+14.1%+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
+11
%

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.