Report
Sharad Kumar S.P

Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To Multi-Asset Holdings

1M Performance - Absolute:
During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%).

YTD Performance - Relative:
On a YTD basis (as of Aug'24 end), the KBCS Holdings Universe returned +2.8% mainly driven by multi-asset holdings (+6.4%) while single-asset holdings returned -3.2%, mainly dragged down by Solvac (-20.8%) and Heineken Holding (-11.2%). Also, on a YTD basis, the KBCS Holdings Universe under-performed the BEL20 by -10.0% and underperformed the Stoxx50, S&P500, and MSCI World by -6.8%, -15.6%, and -13.4% respectively. The best performers compared to the BEL20 were Financière de Tubize (+55.9%), D'Ieteren Group (+10.9%), and Ackermans & van Haaren (+0.4%) while the worst performers compared to the BEL20 were Heineken Holding (-24.0%), Quest For Growth (-25.3%) and Solvac (-33.7%).

1M Discount:
Over the last 1M period, the KBCS Holdings Universe's discount contracted by -2.0% and currently stands at -26.2%. The discount of multi-asset holdings contracted by -2.4% and currently stands at -27.3% while the discount of single-asset holdings widened by +0.5% and currently is at -26.3%. During Aug'24 (1M period), discount contracted the most for HAL Trust (-3.2%), D'Ieteren Group (-3.1%), and KBC Ancora (-1.9%) while it widened the most for Brederode (+2.1%), Financière de Tubize (+3.9%), and Whitestone Group (+5.9%).
Underlyings
Ackermans & van Haaren NV

Ackermans & Van Haaren is an investment company. Co. operates in five sectors: Marine Engineering & Infrastructure, which includes DEME NV, a dredging and marine company; Private Banking, which includes BDM NV - Continentale Verzekeringen NV (ASCO NV), which focuses on marine and industrial insurance via brokers; Real Estate, Leisure & Senior Care, which includes Extensa Group NV, a real estate developer; Energy & Resources, which includes Telemond Group, a supplier to the crane and automotive industry; and Development Capital, which is engaged in ICT and engineering, retail and distribution, real estate development, and media and printing.

Brederode S.A.

Brederode 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.

Compagnie du Bois Sauvage SA

Compagnie du Bois Sauvage SA, (also CBS), is a Belgium-based holding company that invests in both listed and unlisted companies. The Company provides assistance in financial management, structural development and capital stability to the companies in which it invests. The Company's portfolio is based on three separate pillars: a Real Estate sector, a Long-Term Investment division composed of strategic participating interests and a Cash Portfolio focused on liquid values that serve as a basis for derivatives activity. As of December 31, 2011, CBS had a number of wholly owned subsidiaries, such as Parfina, CBS Services, Neuhaus and CBS Nederland and affiliated companies, including Cofinimmo, Ceran, Codic, Noel Group, among others. In March 2014, it acquired Chocolate-Maker Corne Port Royal, sold its stake in Ceran and a real estate property in Luxembourg.

D'Ieteren SA

D'Ieteren is engaged in two sectors of services to the motorist: Automobile Distribution, which is a distributor of Volkswagen, Audi, Seat, Skoda, Bentley, Lamborghini, Bugatti, Porsche, and Yamaha brands in Belgium; and Vehicle Glass, which is engaged in the repair and replacement of vehicle glass mainly in Europe, North and South America, Australia and New Zealand through Belron s.a. and notably its CARGLASS®, AUTOGLASS® and SAFELITE® AUTO GLASS brands.

Financiere de Tubize S.A.

Financiere de Tubize SA is a Belgium-based holding company. The Company holds minor capital in UCB SA. UCB is a Belgian pharmaceutical and specialty chemical company that specializes in two therapeutic areas: diseases of the central nervous system (CNS) and immunology. UCB, together with its subsidiaries, has research and development facilities in Belgium, Germany, Japan, the United Kingdom and the United States.

Gimv NV

GIMV is a listed investment company, specializing in private equity and venture capital and active in small and medium buyouts, growth financing and technology investments. Co. is also present with technology investments across Europe and in Israel, Japan and the USA. Co. invests in ICT (Technology), environmentally friendly technology (Cleantech) and Life Sciences.

Groupe Bruxelles Lambert SA

Groupe Bruxelles Lambert is a holding company. Through its subsidiaries, Co. operates through the following segments: Imerys, which consists of the Imerys group that operates in four business lines of energy solutions and specialties, filtration and performance additives, ceramic materials, and high resistance minerals; and Financial Pillar, which includes, on the one hand, under investment activities, the companies Sienna Capital, Ergon Capital Partners (ECP), ECP II, ECP III, PAI Europe III, Sagard, Sagard II and Sagard III, Kartesia and Merieux Participations I and II and, on the other hand, under consolidated operating activities, the operating subsidiaries of ECP III.

HAL Trust

HAL Trust is the trust holding company for HAL Holding N.V. Co.'s only asset is the outstanding shares of HAL Holding N.V. Co.'s strategy is to invest in companies where it can play an active role as shareholder and board member. Co. invests mainly in industrial and real estate companies.

Heineken Holding N.V.

Heineken Holding is a holding company based in the Netherlands. Through its subsidiaries, Co. promotes the continuity, independence and stability of the Heineken group. This creates the conditions which enable Heineken N.V. to pursue its long-term policy in the interest of the shareholders, the staff and other stakeholders. Co. does not engage in operational activities itself. These have been assigned within the Heineken group to Heineken N.V. and its subsidiaries and associated companies. Through Heineken N.V., Co. is involved in the brewing and selling of beer.

KBC Ancora SCA

KBC Ancora's principal activity is the maintenance and management of its shareholding in KBC Group with a view to ensuring, in collaboration with Cera, MRBB and the Other Permanent Shareholders, the shareholder stability and continuity of KBC Group. Co.'s assets consist almost entirely of this participating interest in KBC Group. Thus its recurrent income consists principally of the dividend it receives from its participating interest in KBC Group.

Quest for Growth

Quest for Growth Privak Leuven is a Belgium-based closed-end private equity fund. The Fund focuses on European technology-based growth companies covering such sectors as life sciences, information technology, software, semiconductors, telecom, electronics, new materials and special situations in other growth sectors. The Fund invests in growth companies with the objective of converting capital gains into tax-free income through the Privak structure, an investment vehicle tailored to provide a framework for investments in private equity and in growth companies. As of Dec. 31, 2013, the Fund's investment portfolio totaled Euro120,264,108 and assets totaled Euro125,347,624.

Sofina SA

SOFINA is an investment company whose portfolio consists of shareholdings in various companies. Co. manages a portfolio of long-term and short-term investments. Its portfolio comprises investments in companies which are active in sectors such as: Energy and Services (GDF Suez, Suez Environnement, bioMerieux and Exmar); Retail (Colruyt, Delhaize); Consumer goods (Danone, Rapala, B & W Group, and Chapoutier); Satellite operators (SES); Finance Companies (Eurazeo, Caledonia, Luxempart, RAB Capital); Industry (Petit Forestier, Landis + Gyr, Carbone Lorraine and Deceuninck) and Alternative assets (Private equity, Hedge funds).

SOLVAC S.A.

Solvac is a holding company. Through its subsidiary, Solvay, Co. is active in Chemistry. Co. manufactures and sells chemicals and plastics products. Its operations can be divided into two business segments: Chemicals and Plastics. In the Chemicals Sector, Co.'s produts are divided into four clusters which are the Minerals cluster; the Electrochemistry and Fluorinated Products cluster; the Oxygen cluster; and the Organic cluster. In the Plastics sector, Co.'s products can be divided into 2 different clusters which are Specialties and Vinyls. The Specialties cluster comprises Specialty polymers and Inergy Automotive Systems. The Vinyls cluster comprises Vinyls and Pipelife.

Texaf

Texaf SA is a Belgium-based investment company with industrial, real estate and agricultural use in the Democratic Republic of Congo. The Company attracts foreign investors to acquire majority or minority equity investments in the productive sectors, such as infrastructure, agribusiness, energy and finance in order to generate return on investments. In the Real Estate sector the Company has holdings in Anagest, a holding company; Utexafrica, a company offering residences for rent; Immotex and Cotex, both offering offices for rent; Promotex, a property development company and Agence Immobiliere du Fleuve, a real estate services company. In the Agriculture sector the Company has holdings in La Cotonniere and Estagrico. In the Industrial sector it has holdings in Carriaf, a holding company; Carrigres and Congotex. Finally in the Financial sector the Company has holding in i-Finance Holding, a holding company and i-Finance, engaged in micro financing activities.

TINC Comm. VA

TINC Comm VA. Tinc Comm VA, also known as TINC, is a Belgium-based company focusing on investments in Infrastructure Asset Companies holding capitalintensive Infrastructure Assets providing services and generating cash flows of a long term sustainable nature. The Initial Investment Portfolio of the Company includes investments in over 10 Infrastructure Asset Companies holding underlying Infrastructure Assets in public private partnerships (PPP), energy and real assets in Belgium and the Netherlands, including Strorm and Brabo 1, among others. It operates through Storm Holding 4 NV.

WHITESTONE GROUP

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KBC Securities
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Analysts
Sharad Kumar S.P

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