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Mars yielded 0.7%, after fees, up about 5% on the year, after a 2023 yielding 23% and a 2022 yielding ~8%.
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No new investments were made during the period, but the fund has sold off quite a lot, and among other things completely exited Victoria's Secret & Co and intends to invest in a new company in the near future.
Among the winners during the month was Vimian, our investment in a company that consolidates the pet-care market and includes a veterinary "platform". The company recently made a new issue, which was backed by the owners, mainly to make acquisitions. The company also updated its financial targets, which are in line with or slightly better than our organic base case. We believe that Vimian will continue to be a competent acquirer.
Among the losers was Victoria's Secret & Co. The company holds approximately 20% of the underwear market in the US and has struggled with a declining market for durable goods and increasingly tough competition. We still see no clear indications of a turnaround in the market or the competitive position, after quite a while, despite solid attempts to turn it around later. With a very high fixed cost base, the company's profit can fluctuate greatly. The company's other major brand, PINK, is also doing poorly, but it is difficult for us to determine how badly given the lack of information. We have therefore chosen to leave the investment for others with a safer risk/return profile.