Heliad Equity Partners - NAV performance driven by flatex

While Heliad Equity Partners continues its reorientation to unlisted companies initiated by the new management in early 2019, its FY19 results reflected the strong share price performance of its largest holding, online broker flatex. Heliad’s market valuation so far in 2020 has been supported by the continued robust share price performance of flatex, which has recorded improved results on the back of the increased stock market volatility caused by the coronavirus pandemic. However, Heliad is still trading at a sizeable discount to the last reported NAV of c 36%.