Portfolio Holdings

30/06/2019 % of NAV
Japan Special Situations 18.7%
Oakley Capital Investments 6.0%
Exor 5.4%
Pershing Square Holdings** 5.2%
Tetragon Financial 5.2%
Jardin Strategic 5.2%
Swire Pacific Ltd ‘B’ 5.0%
Third Point Offshore Investors 4.7%
EuroCastle Investment 4.4%
Fondul Proprietatea 4.2%
JPEL Private Equity 4.2%
Wendel 4.1%
Symphony International 4.1%
Tokyo Broadcasting System 4.0%
Riverstone Energy 3.7%
Cosan 3.6%
Kinnevik AB-B 3.4%
Pargesa Holdings 3.2%
Sony Corp 3.0%
Investor AB-A 2.4%
Godrej Industries 1.8%
Vietnam Phoenix Fund – Private Equity 1.8%
Aker ASA-A 1.5%
GP Investments 1.3%
SC Fondul Proprietatea 1.1%
Better Capital 2009 0.3%
Ashmore Global Opportunities 0.1%



* A basket of 18 stocks: Daiwa Industries, Digital Garage, Fujitec, Kanaden Corp, Kato Sangyo, Konishi Co, Mitsuboshi Belting, Nakano Corp, Nishimatsuya Chain, Nissan Shantai, NuFlare Techonology, Pasona Group, Sekisui Jushi, SK Kaken, Tachi-S,  Teikoku Sen-I, Toagosei Co,Toshiba Plant Systems & Service.
** 47% of this position (4.7% of NAV) is hedged, partially reducing BTEM’s overall exposure to Pershing Square Holdings

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