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The last month of 2015 saw BTEM’s NAV register a gain of +0.38% after adjusting for the final dividend, slightly ahead of the +0.24% recorded for the MSCI AC World ex US benchmark and the +0.33% return from the broader MSCI AC World index. This was despite “Growth” extending its winning run over “Value” for another month, with the Growth segment of the MSCI World outperforming its Value counterpart by 41bps, and an even more pronounced differential of 173bps between the two segments in the MSCI Europe index.

The largest detractor over the month was Spanish-listed holding company, Sacyr which saw the value of its stake in Repsol fall by 17% following further falls in the oil price. Sacyr has valuable concession assets and trades on a discount of 45% to our estimate of its NAV, but these attractions are obscured by the volatility in the share price of Repsol.  We expect Sacyr to sell Repsol in the event of a recovery in the oil price.  Other areas of portfolio weakness included Dolphin Capital (no news), Rallye (Brazilian exposure at Casino, the French-listed food retailer), and Dundee Corp (mining exposure).