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January

The opening month of 2016 was witness to highly volatile markets as concerns on China and global growth led markets to lurch downwards. Our benchmark index, MSCI AC World ex-US fell 3.2% with its Value segment down 3.8% (vs 2.5% for Growth) continuing the ever-stretched theme of underperformance of Value stocks.  BTEM’s NAV fell even further (-4.9%) due to the discount on our portfolio pushing out from 28.5% to 32.6%.

The largest detractor over the month was Kinnevik, the Swedish holding company with investments in telecoms (including Tele2 and Millicom) and e-commerce (including Zalando and Rocket Internet).

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