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March

AP Alternative Assets’ shares rose strongly over the month. The 11.5% jump over the month was boosted further in Sterling terms by a strong US dollar. Despite the stellar gains already recorded on the position to date (up almost +200% in less than 3 years), we still see significant future upside from the company’s sole asset, Athene Insurance. We expect an IPO of Athene, slated for later this year, to be achieved at a value substantially in excess of the valuation used by AP Alternative in its reported NAV.

Paris Orleans has finally started to move ahead over the last couple of months. The French holding company of the Rothschild family is soon to be renamed Rothschild & Co and this may generate more attention to this little known holding company. At the same time, increased profitability from both investment banking work, as well as from the wealth management division, Provides further support for an increase in the share price.

Sales over the month included an exit from our position in Pantheon’s Ordinary shares on a 15% discount to NAV. We have also started to reduce our position in Hudson’s Bay after the company announced JV’s with Simon Property Group and RioCan REIT for their US and Canadian freehold property portfolios at the end of February.

Dolphin Capital’s share price deteriorated further over March as tensions rose between Greece and their creditors.

The weighted average discount on the portfolio at the end of March was 24.1%.

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