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BTEM had a good month with its NAV rising by 7.2%. A narrowing portfolio discount, in from 31.7% to 30.1%, strong performance from some of the largest positions in the portfolio, and continued Sterling weakness all contributed.

Aker was yet again our largest contributor. A combination of solid NAV growth (+4%), a narrowing discount (from 31% to 27%), and a strong Krone (+2.4% vs GBP) combined for a 14% return in Sterling over the month.  On the last day of the month, Aker BP (which accounts for 57% of Aker’s NAV) announced its maiden dividend. Aker BP was formed earlier this year through the merger of Aker’s DetNorske business with BP Norway’s assets, a transaction that has left the merged entity with not only exceptional growth prospects but substantial current cash-flows.