In April, the fund outperformed its benchmark index by nearly +347 bps. Half of the performance came from GENERIX (+117 bps) and ALBIOMA (+55 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).
Subsequent to our sales of GENERIX shares, the fund has a cash position (9% of AUM) which will be used as opportunities arise.