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BTEM had another strong month with a 6% increase in NAV. We saw very slight discount contraction as the portfolio discount narrowed from 33.4% to 33%. Overall, discounts across the portfolio remain wide both in absolute terms and relative to historic levels.

Aker was once again our largest contributor with another month of strong share price performance – up 18% in local currency terms. This was driven by a combination of both NAV growth and discount contraction, although the current level of discount (32%) remains far too wide in our view. Whilst no major news was out, the market is still rewarding the company for the DetNor- BP Norway transaction announced last month, the latest in a series of value enhancing transactions the company has carried out.