Manager Comment December 2017 – Listed Private Equity Fund

In 2017 the Listed Private Equity Fund rose significantly, resulting in an annual performance of +16%. The fund reported a significant value increase for the sixth year in a row. Also in December, the fund developed favorably and achieved an outperformance against the broader equity market. Alternative asset managers recorded the largest value gain in the reporting month and for the full year 2017. The sector continued to benefit from a strong investment activity and a range of successful exits. For example, Apollo Global Management, the strongest performer in 2017, acquired Sun Country, the largest independent airline in the US. Carlyle Group realized its investment in Signode Industrial Group, the world`s leading provider of cargo packaging systems, for a transaction value of USD 3.9 billion in the reporting period. Furthermore, Jafco, a Japan-based direct investment company focusing on venture capital investments, developed favorably in December. Among other news, the company benefited from the positive market sentiment in Japan resulting in a favorable IPO and market environment.