Latest from 51 Cap. In terms of the detractors the worst...

Latest from 51 Cap.
In terms of the detractors the worst performer was Invex Therapeutics (IXC AU) detracting
around 0.4% from performance. This stock has lagged significantly and underperformed in
what has been a hot market for juniors! We believe there were some sellers weighing on the
stock over the month – which into the lighter volumes at the yearend saw it drift lower as
buyers refused to step up into the holidays. This changed somewhat when the company
made a good announcement towards the end of the month about their progress with the
EMA. The stock has a lot of ground to make up and does look very cheap where it is (and
with $34m in cash). Our only conclusion is that new buyers are waiting for clarity from the
FDA whether the trials between the EU and US can be harmonised. We are hopeful this will
get more attention in 2021 as the company moves towards commercialising Presendin.