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April

Despite a widening portfolio discount (out by 66bps to 28.3%), BTEM registered a solid NAV return for April of +3.4%. FX was a small net positive despite a weaker Pound versus most currencies, as the strengthening US dollar aided that portion of our portfolio exposed to the US on a look-through basis.

Aker led the list of largest contributors, followed by Pargesa, Pershing Square Holdings, EXOR, Tokyo Broadcasting System, the Japan Special Situations Basket, Symphony International, and new addition Oakley Capital Investments. The only detractor of any note was GP Investments, which fell -14% on the last day of the month due to a clumsily executed trade only to recover substantially all of that day’s losses in the next trading session.

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