Solid NAV in Q2 Last week, ITM reported its Q2 results with NAV of EUR2.2bn, growing c1% vs Q1 (including the effect of the dividend distribution). Growth was driven by the portfolio companies and the other equity investments. NAV/ps was EUR52/sh. ITM holding net cash closed at EUR182m, which is up QoQ. So far so good for the portfolio Focusing on the largest holdings, Borbone was up c11% in H1 (accelerating in Q2). Officina Profumo Santa Maria Novella kept growing strongly (+c14% in H1) and ....