During the 2019 financial crisis of the Woodford Equity Income Fund (WEIF), the fund faced significant liquidity challenges due to substantial investments in illiquid assets, notably a stake in Malin Corporation, an Irish life sciences company. As investors sought withdrawals, WEIF struggled to meet redemption requests, leading to its suspension in June 2019.

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To address these liquidity issues and return capital to investors, the fund's administrators initiated the sale of various holdings, including shares in Malin Corporation.

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Orion Global Advisors, in collaboration with a U.S.-based medical professional, acquired shares in Malin through block transactions in the open market. We identified that Malin was grossly undervalued compared to the net asset value (NAV) of its core holdings, which included notable startups Kymab, Immunocore, Poseida Therapeutics, and Viamet Pharmaceuticals.

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We later exited our position by selling the shares back to Malin through tender offers during the company's share buyback programs.