In April, the fund outperformed its benchmark index by +235 bps. Much of the performance came from GENERIX (+153 bps) and ALBIOMA (+52 bps).
With regard to GENERIX, we tendered our shares to the takeover offer from the Montefiore Investment private equity fund. We consider the proposed price of €9.50 reasonable and have locked in a significant capital gain from our cost price of €2.50 (our last purchases date from 2017).
ALBIOMA is also the target of a takeover bid by KKR, but in this case we consider the price unsatisfactory. The shares are handicapped by a discount related to the group’s persistent exposure to coal, even though this should be significantly reduced in the years to come (90% of production will be green within three years).
In addition, Q1 publications were solid overall, with a few objectives raised (SOITEC, ALD, VIRBAC) and two light profit warnings due to involuntary business stoppage in Russia (LOGITECH and SKF).
We have added to our positions in DOMETIC, NEMETSCHEK and HUHTAMAKI.