EFTA01386151.pdf

AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Asia Growth: Since Inception Since Inception Sept. 2017 2017 (Cumulative) (Annualized) Alkeon Asia Growth 4.58% 55.76% 202.59%5 11.51%5 MSCI AC Asia 0.39% 20.95% 5.97% 0.57% Alkeon Asia Growth Portfolio Information (Approximate): • Net Exposure (delta adjusted) 126.2% • Gross Exposure 217% • Number of Long Positions 39 • Number of Short Positions 25 September offered positive results to the broader universe of Asian stocks. Alkeon Asia Growth, LP returned 4.58%. Portfolio performance was positive in most countries, except Taiwan. Results were positive in technology and industrials and negative in consumer staples. Our long positions had positive performance during the month while our short positions underperformed. Our portfolio remains strongly growth-oriented in its composition, trading at a cash flow multiple that stands at a significant discount to its underlying cash flow growth rate. Specifically, at month-end the forward-year weighted average EV/EBITDA (gross cash flow) multiple for our portfolio was approximately 19.2 times', a significant discount to the portfolio's 2017 weighted average consensus EBITDA growth rate of more than 45%. In comparison, the forward-year EV/EBITDA multiple for the MSCI AC Asia Index is approximately 8.47 times (source Bloomberg), a premium to its current forward-year consensus EBITDA growth rate of approximately 5%. MS Alkeort ind: Since Inception Since Inception Sept. 2017 2017 (Cumulative) (Annualized) MS Alkeon UCITS Fund 2.27% 31.28% 49.98%5 6.70%5 MSCI World 2.08% 14.24% 50.28% 6.73% MSCI AC World 1.77% 15.42% 42.44% 5.82% MS Alkeon UCITS Fund Portfolio Information (Approximate): • Net Exposure (delta adjusted) 80.2% • Gross Exposure 191% • Number of Long Positions 44 • Number of Short Positions 27 September offered positive results to global equities. Alkeon UCITS returned 2.27%. Portfolio performance was positive in the US and Asia and mixed in Europe. Results were positive in technology and financials and negative in real estate. Our long positions had positive performance during the month while our short positions underperformed. We are equally constructive on the current global opportunity set for both long and short investments, and we see significant sector-wide discrepancies between valuations and underlying fundamentals. Furthermore, from a valuation perspective we consider many high quality growth sectors, such as technology and healthcare, to be undervalued and attractive relative to the market. At month-end the forward-year weighted average EV/EBITDA (gross cash flow) multiple for our portfolio was approximately 16.1 times', a significant discount to the portfolio's 2017 weighted average consensus EBITDA growth rate of more than 45%. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087717 CONFIDENTIAL SDNY_GM_00233901 EFTA01386151