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Aescap 2.0 Quarterly Update Q3 2020

We would like to see our NAV going up nicely every month, but history shows that is not how it works. While achieving a +71% net outperformance against the market (NBI), fluctuation is inevitable. This is further illustrated by the graph below. The decline of 11% over Q3 is partially due to the weakening of the $ versus the € (over 4% decline with 68% exposure to the $), a setback for portfolio company Galapagos and delays of some clinical studies due to Covid-19.

Aescap 2.0 Quarterly Update Q3 2020
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