Manager Comment January 2018 – Listed Private Equity Fund

Listed Private Equity reported a significant increase in value and achieved an outperformance against the broader equity market in the new year. Particularly US-based alternative asset managers had a strong start in 2018. The market is expecting the US tax reform to positively influence the asset management sector. The largest value gain in the reporting month was achieved by the alternative asset manager Ares Management. The company was favorably valued compared to similar asset managers, resulting in a significant increase in value by 16.8% in January. their portfolio companies. With the sale of Advanced Accelerator Applications, HBM Healthcare achieved the highest investment profit in its history. In addition, HBM’s remaining investments also reported favorable financial figures and the management is optimistic to receive further drug approvals from the FDA, the health authority in the US. Finally, Brookfield Business Partners (Brookfield), a global direct investment company focusing on business services and industrial companies, announced several large acquisitions in January. For example, Westinghouse Electric Company, a leading global provider of infrastructure services to the power generation industry, was acquired from Toshiba Corporation at an enterprise value of USD 4.6 billion.