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In a quiet month for news-flow, BTEM’s NAV increased by 2.5% in August, aided by a tailwind from FX but depressed by a widening portfolio discount (from 24.6% to 25.9%). The top contributors were Jardine Strategic, Wendel, Exor, Pargesa, Toshiba Plant, Adler, Digital Garage, and Fondul Proprietatea. Detractors were far fewer, but included Riverstone Energy and Pershing Square Holdings.

While its NAV was up less than 1%, Jardine Strategic’s discount narrowed from 29% to 24% over the month. We note that Jardine Matheson, who own 84% of Jardine Strategic, has recently been adding to its shareholding.  In addition, it was announced that the company will be included in the Singapore Straits Times Index from mid-September.  Wendel’s NAV was up +5.6%, benefitting from strong performance at its largest position, Bureau Veritas.