TCX - TGV Partners Fund H1 2021 Investor Letter

• TGV Partners operates as a private investment firm. The cornerstone of our strategy is to partner with professional management teams who are aligned with us as equity owners in their.
• The share price of the sub-fund Partners Fund was 234.56 euros as of June 30, 2021. The change in the value of the first half-year of 2021, including all costs, was +22.15. In the same period, the DAX achieved a performance of 13.22%.
• The five largest positions (Tucows, Gruppo MutuiOnline, MEDIQON Group, Naked Wines, and TGS) have been an integral part of TGV for years and represents more than half of assets.
• While in January, I said that some markets segments were overheating, the first half of 2021 saw downright insane conditions. Instead of tulips, it was so-called “Dogecoins” and an Internet forum called “Reddit” that were on everyone’s lips.
• The future is uncertain, and it is unlikely that the current euphoria in the markets will continue forever. Fluctuations and lean year are part of investing.

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