Elevation Capital Value Fund: Nestle SA is currently the second largest position in the Fund. The company is under pressure from hedge-fund manager David Loeb. On 29 June he sent a letter and 34 page presentation to Nestle’s board urging them to divest further businesses that no longer fit the portfolio, resulting in a favorable +4.9% gain in Nestle’s share price in July. We expect Nestle to undertake further value enhancing initiatives in the short-term. Read more about Nestle and see David Loeb’s letter to the Board in our monthly mailer (released 7 August 2018) here.