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June

In a rather weak market we outperformed our benchmark due to the outperformance of our European and UK holdings, where we are substantially overweight. Notable outperformers during the month include Aker whose share price rose by 6.6%, JP Morgan Private Equity (+5.5%) and Better Capital (+7.5%). Our Canadian holdings also performed well with Dundee Corp rising 9.9% and Detour Gold up 8.1%.

Fears over the potential “Grexit” during the month of June, as well as extreme volatility in China spilled over into all markets. We used the volatility to add to companies we find very attractively priced. Most of the acquisitions were additional investments into our European names. The discount on Kinnevik has widened out to close to 25%, having been almost 10 percentage points narrower in recent months. In addition, the potential for NAV growth is extremely high as the core underlying investments such as Zalando, continue to perform well. We have added substantially to Kinnevik in recent weeks.

During the month the weighted average discount to NAV increased to 25.1% from 23.5% one month earlier.

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