• NAV ticked up 0.3%, now up 12 quarters in a row
• Stock has outperformed the SIXRX YTD…
• …but NAV discount is at 20%

Public assets had a rough quarter
NAVPS on 30 June was SEK 83.50, +0.3% q-o-q. The total shareholder return was -2% as the discount to NAV increased slightly. The direct investments, which were strong in Q1, saw declines in Q2, with Awilco Drilling -75%, Scout Gaming Group -12%, Keurig Dr Pepper -5%, and Krispy Kreme Doughnuts -11%. Private equity fund investments currently comprise 68% of NAV (82% including commitments), with direct investments at 8%, and net cash at 24%.

https://cr.abgsc.com/contentassets/87bc7c324898435a810354a425edf1df/pdf/increased-activity.pdf

ABGSC Commissioned Research