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December

BTEM ended the year strongly with its NAV up +4.8% in the last month of 2016. While Sterling weakness was helpful in December, outsized returns from some of our larger holdings were the main driver. The IPO of Athene Insurance, the sole asset owned by our largest holding AP Alternative, saw the value of our position in AP Alternative increase by a further 15% over the month.  Investor AB’s discount narrowed significantly (in from 24% to 18%) while its NAV rose 3% to make it our second largest contributor over the month.

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