European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The <strong>discounts to NAV of covered holdcos have mainly tightened during January</strong>. Discounts to NAV: C.F.Alba, 47.5% (vs. 49.1%); GBL, 37.1% (vs. 36.6%); Heineken Holding, 16.6% (vs. 16.7%); </li>
<li>Industrivärden C, 3.8% (vs. 5.4%); Investor B, 7.9% (vs. 13.5%); Porsche Automobile Holding, 42% (vs. 37.1%). The spread of Rio DLC widened to 25.2% (vs. 24.2%).</li>
<li>What seems interesting: in holding trades, GBL/vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos have mainly tightened during January. Discounts to NAV: C.F.Alba, 47.5% (vs. 49.1%); GBL, 37.1% (vs. 36.6%); Heineken Holding, 16.6% (vs. 16.7%); 
Industrivärden C, 3.8% (vs. 5.4%); Investor B, 7.9% (vs. 13.5%); Porsche Automobile Holding, 42% (vs. 37.1%). The spread of Rio DLC widened to 25.2% (vs. 24.2%).
What seems interesting: in holding trades, GBL/vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: January’24 Report

<ul>
<li>The discounts to NAV of covered holdcos haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); </li>
<li>Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).</li>
<li>What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); 
Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: October’23 Report

<ul>
<li>The Discounts to NAV of covered holdcos mainly widened during March. Discounts to NAV: C.F.Alba, 47.3% (vs. 47.1%); GBL, 38.15 (vs. 37.7%); Heineken Holding, 16.7% (vs. 16.5%); </li>
<li>Industrivärden C, 1.4% (vs. 4.4%); Investor B, 6.1% (vs. 5.6%); Porsche Automobile Holding, 45.4% (vs. 43.7%). Rio DLC spread tightened to 24.9% (vs. 25.6%), and on 26 March reached 27.7%.</li>
<li>What seems interesting: listed assets vs. Industrivärden C and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


The Discounts to NAV of covered holdcos mainly widened during March. Discounts to NAV: C.F.Alba, 47.3% (vs. 47.1%); GBL, 38.15 (vs. 37.7%); Heineken Holding, 16.7% (vs. 16.5%); 
Industrivärden C, 1.4% (vs. 4.4%); Investor B, 6.1% (vs. 5.6%); Porsche Automobile Holding, 45.4% (vs. 43.7%). Rio DLC spread tightened to 24.9% (vs. 25.6%), and on 26 March reached 27.7%.
What seems interesting: listed assets vs. Industrivärden C and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: March'24 Report

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Jeroen Blokland

Global Multi-Asset Investment Strategist

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Macroeconomics

<ul>
<li>China is mobilizing the entire nation to achieve the critical technological advancements it needs as the country faces increasing blockades by the United States and allies. </li>
<li>The semiconductor industry is the most glaring example of how the battle for intellectual property rights leads to deglobalization.</li>
<li>On a macro level, splitting global supply chains into local ones, whether through political intervention or not, will likely lead to higher prices.</li>
</ul>


China is mobilizing the entire nation to achieve the critical technological advancements it needs as the country faces increasing blockades by the United States and allies. 
The semiconductor industry is the most glaring example of how the battle for intellectual property rights leads to deglobalization.
On a macro level, splitting global supply chains into local ones, whether through political intervention or not, will likely lead to higher prices.


Porsche Automobil Holding  / Event-Driven

<ul>
<li>The Discounts to NAV of covered holdcos have mainly widened during February. Discounts to NAV: C.F.Alba, 47.1% (vs. 47.5%); GBL, 37.7% vs. (37.1%); Heineken Holding, 16.5% (vs. 16.6%); </li>
<li>Industrivärden C, 4.4% (vs. 3.8%); Investor B, 5.6% (vs. 7.9%); Porsche Automobile Holding, 43.7% (vs. 42%). The spread of Rio DLC widened to 25.6% (vs. 25.2%).</li>
<li>What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


The Discounts to NAV of covered holdcos have mainly widened during February. Discounts to NAV: C.F.Alba, 47.1% (vs. 47.5%); GBL, 37.7% vs. (37.1%); Heineken Holding, 16.5% (vs. 16.6%); 
Industrivärden C, 4.4% (vs. 3.8%); Investor B, 5.6% (vs. 7.9%); Porsche Automobile Holding, 43.7% (vs. 42%). The spread of Rio DLC widened to 25.6% (vs. 25.2%).
What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: February’24 Report

United Kingdom

Rio Tinto plc is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

Rio Tinto PLC (RIO LN)

Selected European HoldCos and DLC: January’24 Report

Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: October’23 Report

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: March'24 Report

Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Jesus Rodriguez Aguilar

Deglobalization Is Real!

Politically driven deglobalization is happening. Countries will try to outmaneuver one another in preserving or attaining intellectual property and...

Jeroen Blokland

Selected European HoldCos and DLC: February’24 Report

Discounts to NAV of covered holdcos mainly widened in February. What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January’24 Report

​Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: October’23 Report

​Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: March'24 Report

​Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Jesus Rodriguez Aguilar

Deglobalization Is Real!

Politically driven deglobalization is happening. Countries will try to outmaneuver one another in preserving or attaining intellectual property and...

Jeroen Blokland

Selected European HoldCos and DLC: February’24 Report

​Discounts to NAV of covered holdcos mainly widened in February. What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN...

Jesus Rodriguez Aguilar

Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Discounts to NAV of covered holdcos mainly widened in February. What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN...