HOW DOES RELAY OUTPERFORM?

Relay-backed searchers enjoy more success acquiring and exiting companies than their peers.

More Relay-backed searchers acquire businesses than the average

More Relay-backed operators produce a positive IRR than the average

Sources: 2018 Search Fund Study, Selected Observations, Stanford Graduate School of Business, 9/24/2018; Relay Investments (“RI”) internal analysis, November 2018.

Stanford GSB study figures and Relay Investments performance as of 12/31/17.

RI performance includes all of Martin and Sandro’s historical search fund investments prior to founding the firm in 2013.

Past performance does not guarantee future results.

ASSET CLASS PERFORMANCE

US & Canada Search Fund Performance

International Search Fund Performance

Sources: 2018 Search Fund Study, Selected Observations, Stanford Graduate School of Business, 9/24/2018; International Search Funds – 2018, Selected Observations, IESE Business School-University of Navarra | EIC, September 2018.

Stanford GSB and IESE study figures as of 12/31/17.

“The IRR performance of international search funds seems to match the search fund performance of U.S. and Canadian search funds profiled in the Stanford GSB’s 2018 Search Fund Study, while ROI is lower due to shorter holding periods.” (International Search Funds – 2018, Selected Observations, page 14).

Past performance does not guarantee future results.

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