Brederode - Resilient in 2022, lagging slightly in 2023
Q1 NAV amounted to EUR 125.2 p/s, up 2.8% but below our estimate of EUR 135The private equity portfolio returned only about 1%, clearly lagging the STOXX 600 which returned about 7% in Q1.The listed portfolio performed well with a return of 7.1%We estimate today's NAV to be EUR 132 p/s, implying a discount of ~ 22%. With that, we believe the market prices in too much of a downturn in the portfolio valuations. As we have seen now, the exceptional resilient 2022 does not have to translate into heavy impairments in 2023 but could rather be compensated by aBrederode is an investment holding company that manages a portfolio of listed and unlisted ('private equity') investments. The purpose of portfolio management is to increase the wealth of shareholders over the long term not only generating recurring dividend income but also and above all through gains on the disposals of investments. Co. focuses its investments on 'private equity' primarily through fixed-term partnerships with other institutional investors, participating in the capital of companies operating primarily in the United States, Western Europe, and the Asia-Australia zone.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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