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During December performance was driven by the strength of several of our larger holdings in Europe, with Vivendi continuing to make the largest contribution to performance on the back of management’s intention to split the company into two separately listed companies. The two Swedish holding companies Investor AB and Kinnevik were the next largest contributors and in the case of the latter we continue to take partial profits after a tremendous run in 2013 which saw the share price more than double and the discount to NAV all but disappear.

We see this as an exciting time for our strategy. Whilst the pace of corporate actions is picking up and investor appetite is starting to push discounts in, we are able to find numerous opportunities to make new investments on wide discounts. During November and December four new names have come in to the portfolio, and the New Year has started with a further five new names.