NAV per share for H1-23 rose by 12.4%, dividends reinvested. This trend was driven by listed holdings, despite the downward revision of property assets. The year 2023 ended with a rally in the equity markets against a backdrop of falling interest rates. We are taking advantage of this movement to highlight the operating performance and prospects of 3 listed holdings that stood out. Despite the economic slowdown observed since 2023, China (and Asia) represent growth drivers for each of these 3 groups. It should be noted, however, that any downturn in Chinese growth will have a negative impact on the perception of Forvia and SEB, which have a strong presence on this continent (29% of their sales).
- Stellantis (7.1% holding and 42.9% of GAV H1-23)
- Forvia (3.1% holding and 1.6% GAV H1-23)
- SEB (4.0% holding and 3.0% of GAV H1-23)