Our European portfolio put down another great performance in April. YTD return is now +13.9%, firmly ahead of the STOXX600 which finished at +7.2%.

The strongest performers were:

• Real Good Food (+41%) acquired a majority interest in Brighter Foods, a snack bar manufacturer with factories in Wales, UK. The acquisition is expected to be immediately earnings enhancing for the Group.
• Sogefi (+28%) reported that revenues in Q1 were up 12.6%. EBITDA came in 30.2% higher and positive cash flow allowed the company to reduce its net debt from €322.6m a year ago to €291.4m.
• VBG Group (+16%) reported a net turnover increase of 4.6%. EPS declined 14% from SEK3.24 to SEK2.79 as it suffered from the downturn in the mining, gas and oil industries, an important market for its Ringfeder power transmissions business.
• Digital Bross (+16%) through its subsidiary Unit 505 Games, signed an agreement with Wanxin Media, assigning exclusive rights to publish and distribute in Greater China market through local digital PC marketplaces.

Only 1 position showed a double-digit decline.

• Ercros (-13%) posted a 15.8% higher profit during the first quarter, despite a sharp rise in the price of raw materials.

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