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The portfolio discount tightened slightly over the month to rest at 31% at month-end.

Aker was our largest contributor, benefitting from the sustained rally in oil which rose 20% over the month and from maintaining its dividend at last year’s level when many sell-side commenters were expecting a cut.   Aker’s performance was all the more creditable given no change in its very wide discount (41%) which represents an attractive store of future outperformance. Pargesa was a strong performer, with its exposures to oil (Total) and European construction (LafargeHolcim) boosting returns, while its relatively new holding in Adidas continued a run of stellar share price performance. Its robust NAV growth was accompanied by a 260bps narrowing of the discount.