Report

Scherzer & Co - Not feeling the broader market recovery (yet)

Scherzer & Co’s (PZS’s) NAV closed H119 flat vs end FY18 and declined 3.5% to the end of August. H119 portfolio performance was dominated by weaker results from GK Software and pre-squeeze-out stagnation in Linde’s share price. These two companies made up c 31% of PZS’s portfolio at the peak in March 2019. €22.8m cash inflow from the Linde squeeze-out allowed for deleveraging and increased PZS’s portfolio of extra compensatory claims (ECS) to €139m. We note that PZS is focused on lesser-known stocks and its short-term performance may at times differ from the broader market.
Underlying
Scherzer & Co AG

Scherzer & Co AG is a Germany-based investment company that invests in third companies. The Company focuses on both growth companies and companies in special situations.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Pedro Fonseca

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