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The largest riser over the month was London-listed closed-end fund Marwyn Value Investors (MVI), up +19% on the back of a 10% rise in the share price of its largest holding Entertainment One (77% of MVI’s investment portfolio). Entertainment One is an independent film & TV distributor and producer, owning a valuable library of film and TV rights. A strong set of results accompanied by global M&A activity highlighting the value of content were responsible for the rise. MVI’s performance over the month was particularly gratifying as we had added to our holding before much of the share price rise occurred. On a discount of 32% and with Entertainment One attractively valued at 14x next year’s earnings, we see scope for substantial further upside in MVI’s shares. AVI funds own approximately 13% of the company.

The major faller over the month was recent acquisition, TUI AG, whose shares fell by 14%. The shares were dragged down by a 9% fall in London-listed subsidiary, TUI Travel (60% of TUI’s NAV). TUI AG’s shares are exceptionally cheap with an implied EV/EBITDA multiple for its hotels and cruises business of just 3.5x, and we took advantage of the share price weakness to add to our position. Were its merger with TUI Travel to fail to be consummated, the company has other levers to pull in order to spark a re-rating, most notably the disposal of its stake in the Hapag-Lloyd container shipping business scheduled to IPO next year.