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BTEM’s NAV fell by 16bps in June after adjusting for the 2p dividend paid. FX detracted from returns (costing 46bps), as did Aker, Wendel, Pargesa, Fondul, and Exor. Strong contributions came from Kinnevik, Aberdeen Private Equity, Better Capital 2009, Tokyo Broadcasting System, Toyota Industries, Hudson’s Bay, and Toshiba Plant Systems.

Kinnevik was our top contributor despite its NAV falling as a result of share price weakness in top holding Zalando and across its listed telecoms businesses. Having remarked last month on Kinnevik’s very wide discount relative to its Swedish holding company peers, we did see it narrow dramatically in June albeit due in part to a declining NAV.  Kinnevik also announced the long-awaited appointment of a new CEO, Georgi Ganev, who will leave his role at Dustin Group, a technology products retailer, to join Kinnevik later this year.  Having worked at and sat on the board of Tele2, a key Kinnevik portfolio company, he is familiar with Kinnevik’s investment style and culture.