Investor posted a subdued Q3 in terms of NAV progression, as the timid rise of the listed portfolio (driven by the share price performances of SEB and Sobi) was partly offset by a 2% valuation decline of Patricia Industries. The unlisted portfolio was affected by contractions of multiples and lower earnings, particularly from Mölnlycke. Supply-chain woes and high raw material prices paint a less upbeat outlook for Investor’s portfolio, probably explaining the widening discount to NAV.
21 Oct 2021
Q3 21: NAV cools off on unlisted portfolio multiple contraction, lower earnings
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Q3 21: NAV cools off on unlisted portfolio multiple contraction, lower earnings
Investor posted a subdued Q3 in terms of NAV progression, as the timid rise of the listed portfolio (driven by the share price performances of SEB and Sobi) was partly offset by a 2% valuation decline of Patricia Industries. The unlisted portfolio was affected by contractions of multiples and lower earnings, particularly from Mölnlycke. Supply-chain woes and high raw material prices paint a less upbeat outlook for Investor’s portfolio, probably explaining the widening discount to NAV.