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July

BTEM’s NAV increased by 1.2% in July, helped by positive contributions from Riverstone Energy, the Japanese Net Cash Basket, Aker, Exor, Pargesa, Tokyo Broadcasting System, and Fondul Proprietatea. Detractors included Pershing Square Holdings, Aberdeen Private Equity, Jardine Strategic, and Vietnam Phoenix Private Equity. Oil, Japan, sports cars, and Vietnamese pigs all influenced performance over July.

Riverstone Energy (RSE) saw its discount narrow by c. 800bps over the month as a large sell order that had been weighing on the share price completed. In addition, a further recovery in the oil price was not unhelpful.  Although unsurprising that sentiment towards RSE will often sway in line with crude prices, the manager’s flexible “build-up” investment approach with strategic investments made in the lowest-cost basins, the use of conservative capital structures, and a pragmatic approach to hedging, have seen material outperformance of the underlying commodity price.  RSE’s NAV is up +23% (in USD terms) since inception to 30-Jun-17, versus a fall in WTI of -15% from RSE’s weighted average “in-price” of $54.

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