Financial sector as an investment

I was a couple of hours too early; the releases from Titanium have now come out:

Regarding Hoiva, as expected, it is postponing redemptions for the turn-of-the-year window (i.e., redemptions submitted in H1’25). Hoiva is also paying out half of the oldest redemptions (those made in H1’24 and due for payment on January 1, 2025). This is an important data point. The fund sold properties for EUR 35 million in December, and assuming they do not want to increase leverage, ~EUR 25 million of that sum could be paid to investors. This would mean that H1’24 redemptions were EUR 50 million, which is the same amount we had expected all redemptions to be in total. Of course, there is some possibility that the company is leaving some room for the payout of distributions, but it is hard to spin this announcement as a positive for Titanium, and there is a clear risk that net redemptions are higher than our expectations :grimacing: I will look into this in more detail as soon as I return to work on Monday.

Regarding Asunto, the old redemptions were cleared during the autumn, but now new ones are being postponed again.

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