Meson Capital Q2 letter

We had a number of positive developments on our core long positions this quarter that were masked by losses on the short side as the small cap market rallied.  We continue to be in uncharted territory for the valuation environment as a whole as we catalogued in-depth in our annual letter six months ago.  While it can be tempting to chase momentum, we continue to be positioned cautiously outside of core investments that we can influence the business.

On the capital allocation side, our efforts have been around our concentrated long positions where we had a great quarter.  We achieved liquidity on our InfuSystem position just following the end of the quarter at an attractive price.  Our position in SIGA Technologies has continued to advance as it was significantly de-risked following FDA approval.  Our largest private position in Software Motor Company also advanced as the company completed a $14mm Series A-2 round which we led via Meson Constructive alongside a strategic investor.

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