We view VNV’s CMD as mostly educational, with few surprises, as its largest portfolio holdings provided the latest updates. We think Voi (21% of Q2 NAV) made a solid impression, and see strong growth fundamentals in place for Bokadirekt and Breadfast (each 4-5% of Q2 NAV). For BlaBlaCar (33% of Q2 NAV), we find the long-term case appealing but were left with the impression that in the near term, the company needs to take further steps before being IPO ready.
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