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Despite the headwind of a widening portfolio discount (out to 25.4% from 24.2%), BTEM’s NAV fell by just -0.3% in a month where global equity markets wobbled. In a reversal from last month, FX aided returns, but there was also solid performance in local currencies from Fondul Proprietatea, Swire Pacific, Adler Real Estate, and Aker. Detractors included Riverstone Energy, Pershing Square Holdings, Wendel, and Exor.

February was marked by the reappearance of volatility in equity markets, with the month recording twelve daily moves of +/-1% versus just ten for the whole year to 31-Jan-18. Aside from the Swedish Krona, all of BTEM’s currency exposures were strong versus Sterling with the Japanese Yen strengthening by +5.4%.