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In NAV terms we ended 2014 2.6% ahead of our benchmark.

The share price of Marwyn Value Investors (MVI) bucked the market, climbing 6% over the month on the back of an 8% rise in its largest holding, media company Entertainment One. Shortly before the start of the month, MVI had announced the sale of its second largest holding, Breedon Aggregates. A return of capital equivalent to 4% of month-end share price will be affected in January.

German residential owner, Westgrund, was up 9% over the month as the company closed the refinancing of their recently acquired Berlinovo portfolio. A 7 year loan with a cost of 2.14% has replaced bridge financing which cost 2.75%. Investors’ belief that the sector is due for further consolidation following the merger of Deutsche Wohnen and GAGFAH was a further boon for Westgrund as investors identified it as a potential takeover target.