Mahala - thanks for your engagement with our wire. Afterpay is one of around 25 companies we hold in the Ophir High Conviction Fund. Gaining a deep understanding of a company’s broader ecosystem and any potential risks is fundamental to our investment process. As part of this process we stress test the investment thesis of each company in the fund to understand how it would perform if any key risk was to play out. We have held Afterpay in the fund for a considerable period of time and feel we have a strong understanding of the business and the risks involved. Please keep an eye out for our future Meet the Manager sessions where we always devote some time to discussing risk mitigation in the fund.

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