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Continuing concerns regarding global growth saw markets swoon with our MSCI AC World ex-US benchmark falling 3.1%.  Our NAV fell by 40bps more than the market as the portfolio discount widened out to 28%.

Symphony International was our largest contributor, as it bounced back from a pronounced fall at the end of August.  Minor International, the Thai hotels and restaurants group that accounts for 45% of Symphony’s NAV, strongly outperformed a weak Thai market rising +8.5% vs MSCI Thailand’s negative return of -4% for the month.

Disappointing news came from Better Capital with the disposal of Fairline, the luxury boats manufacturer, for a “modest deferred consideration”.  While we are pleased that no further capital was committed to the “problem child” of the 2009 cell, the hit to NAV is clearly a negative.  That said, the sale of Santia expected before year-end could mitigate the impact.