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May

For the second consecutive month, the portfolio discount ground tighter to end the month 50bps narrower at 30.4%. BTEM’s NAV was down -0.39%; the benchmark was down -0.96%.

Aker’s discount narrowed from 41% to 35% over the month to make it our largest contributor for a second month running. This contribution came despite headwinds from the weak Norwegian Kroner and a fall in its NAV with strong performance from E&P player DetNor insufficient to offset weakness in the other underlying listed holdings.  We have been pleased to see this NAV weakness reverse in early June to continue Aker’s good run.  A number of transactions took place at the beginning of June.

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