Manager Comment April 2019 – Listed Private Equity Fund

Listed Private Equity could cement the double-digit year-to-date performance. Alternative asset managers and business development companies were the best performers. The largest increase in value was achieved by holding company Investment AB Kinnevik, which published its annual results. Kinnevik`s largest portfolio company Zalando, the leading German e-commerce company with operations in 16 European countries, drove the positive figures. The company reported a 22.4% increase in sales in 2018 compared to the previous year. The British private equity company Hg Capital Trust also announced a pleasing result. The NAV increased by 14.3% during the past financial year. In addition, the portfolio companies continued to significantly increase their revenues and EBITDA compared to the previous year. For example, the profit of the 20 largest holding companies increased by an average of 27%. Furthermore, the British private equity company 3i Group performed well. The company was included in the STOXX 600 Europe. In addition, the share price reacted positively to the development of the largest underlying portfolio company. Action published a 23% increase in revenue and a 16% increase in EBITDA for the financial year 2018.