Kinnevik is a Swedish family-controlled holding company which since its establishment in 1936 has evolved from iron, paperwork and woodworking industries, to telecoms and now digital consumer businesses. Kinnevik own a 32% stake in European e-commerce leader Zalando, as well as stakes in telecoms companies Millicom and Tele2. Kinnevik also have an exciting portfolio of early stage growth investments, in sectors such as healthcare, e-commerce and consumer finance, where they play an active role in supporting growth.
|Kinnevik 1Q19 portfolio composition|
|E-commerce & marketplaces||43 %||43 %|
|TMT||51 %||50 %|
|Financial Services||5 %||5 %|
|Healthcare & Other||2 %||2 %|
Fujitec is a global lift manufacturer with sales in Japan, China, Southeast Asia, North America and Europe. The most appealing aspect of the business is the maintenance contracts for the lifts. These last for decades, producing steady, recurring profit.
Cosan Ltd is made up of two listed companies; Cosan SA and Cosan Logistica. Through these two companies we have exposure to the rail transport, sugar production and fuel distribution sectors. Cosan trades at an extraordinarily high 57% look-through discount on high quality businesses.
Efficient management execution of business of plan:
Cosan’s controlling family shareholder takes an active approach to unlocking vvalue through the simplification of the complex group structure.
Positive developments in 2019:
Oakley Capital Investments (“OCI”) is an AIM listed closed-end fund investing in, and making co-investments alongside, private equity funds run by Oakley Capital. Oakley Capital focuses on complex deals (e.g. carve-outs) sourced by a network of Oakley-friendly entrepreneurs, which often allows it to bypass the auction process. OCI has assembled a portfolio of companies in the education, TMT and consumer sectors. The businesses display attractive economics – 41% EBITDA growth for FY2018 – and is held at just 13x EBITDA.
Image source: Inspired Education
|Current investments:||% of portfolio|
|Inspired||14 %||Global network of private K-12 schools|
|North Sails*||12 %||Manufacturer of sails and masts; consumer division sells North Sails-branded apparel|
|WebPros||11 %||European and US provider of web-hosting services|
|Career Partner||7 %||German private university|
|Casa/atHome||6 %||Italian and Luxembourg Internet property portals|
|Schulerhilfe||6 %||German network of after-school tutoring services|
|Fund facilities||5 %||Loans provided to Oakley funds at 6.5% interest|
|Daisy*||5 %||UK B2B communication services|
|Facile.it||4 %||Italian price comparison website|
|Seagull/Videotel||4 %||Marine education software|
|Ekon||3 %||Spanish provider of ERP software to SMEs|
|Rastreator/Acertio||3 %||Spanish price comparison websites|
|Amos||2 %||French higher education institute offering degrees in sports, tourism, etc.|
|Tech Insights||2 %||Canadian provider of intellectual property services (reverse-engineering of patents)|
* indicates that OCI holds both equity and debt positions
OCI announced at the end of May that it would be selling part of its stake in Inspired (14% of NAV) to the US private equity firm Warburg Pincus at an estimated 18x EV/EBITDA multiple. This is an uplift on Inspired’s valuation by +75%.
AVI Global Trust p.l.c is referred to as ‘AVI Global’ throughout the website. AVI Global’s investment managers, Asset Value Investors are referred to as ‘AVI’
The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of AVI Global Trust plc (“AVI Global”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). AVI Global is a public company listed and traded on the London Stock Exchange.
You agree that we may contact you about our products and services that we believe you might be interested in.
The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.