Brederode 1Q25: NAVps down 1.7%; Weakening Dollar Impacts Private Assets
Over 1Q25, NAVps decreased by 1.7% to €139.0ps (vs. €141.4ps at FY24-end). This was mainly due to the private asset portfolio, which recorded a loss of €74.7m on the ~€4.1bn portfolio. The primary reason was the recent decline of the USD. The listed assets generated a modest €6.6m gain, mostly driven by Iberdrola and Enel. During the first quarter, the position in Experian was strengthened, while the position in Nestlé was reduced. We currently estimate the NAVps at €140.0, implying a 13.2% discount. This is higher than the 5yr average of 11.4%, but lower than the more relevant 2yr average of 20.8%. Despite volatile yet resilient public markets, the USD is likely to weaken due to current economic and political trends. This will continue to impact the ~66% US based private assets portfolio. We therefore reiterate our ACCUMULATE rating and our €125.0 TP.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.
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