East 72 Dynasty Trust Q4 2024 Quarterly Report
2025-01-13 07:35:00 ET
Summary
- Dynasty Trust's NAV rose by 7.7% in Q4 2024, benefiting from currency movements and strong performance in sports data and liquidity providers.
- Despite positive returns, caution is advised due to flat earnings revisions in key technology stocks and potential market volatility under the new US administration.
- Laurent Perrier is favored in the alcohol sector for its premiumization strategy and strong export sales, despite broader industry challenges.
- Viel et Cie is undervalued, trading at a 54% discount to intrinsic value, with significant potential in its holdings of Tradition and Swiss Life Gestion Privée.
Performance and net asset value
Quarterly return† | 7.73% |
NET ASSET VALUE PER UNIT AT 31 DECEMBER 2024† | $1.2519 |
2024 year return† | 17.89%(estimated 20.6% before withholding tax and fees) |
| † after all ongoing and performance fees. High water mark at 31 December is $1.2557/unit |
The Dynasty Trust NAV increased by 7.7% during a quarter marked by an increase of investor optimism surrounding the election of the 47th US President, which faded markedly in late December as US long bond rates rose sharply. We derived some benefit from the material weakness in A$ versus US$ though weakness against our major € currency exposures was less than one-third of the US$ move.
Aside from a positive currency influence, we had counter-veiling negative impacts from hefty withholding tax imposts on the Vivendi ( VVVNF ) split and D’Ieteren ( SIETY ) special dividend in Q4 CY2024, which are classed as expenses even though they are distributed (on paper) to unitholders in June. On a “gross-gross” basis, adding back fees and withholding tax we estimate the 2024 return would have been 20.6% and the quarterly return 8.64%....
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East 72 Dynasty Trust Q4 2024 Quarterly Report
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