European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Selected European Holdcos and DLCs: June ‘22 Report

Liquid Universe of European Ordinary and Preferred Shares: July ‘22 Report

Selected European Holdcos and DLCs: July ‘22 Report

Selected European Holdcos and DLCs: April Report

Selected European Holdcos and DLCs: April ‘22 Report

Selected European Holdcos and DLCs: March ‘22 Report

Selected European Holdcos and DLCs: February ‘22 Report

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have all widened during April: Alba, to 39%; GBL to 34.9%; Heineken Holdings to 21%; Industrivärden C to 15.4%; Investor B to 16%;</li>
<li>Porsche Automobile Holding to 32%. Rio Tinto DLC widened to 13.3%. Spreads tend to widen in bear markets but short term recoveries provide opportunities to bet on tightening discounts.</li>
<li>Recommended trades: GBL vs. listed assets, Industrivärden C vs. listed assets, Investor B vs. listed assets; Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto (DLC).</li>
</ul>


Discounts to NAV of covered holdcos have all widened during April: Alba, to 39%; GBL to 34.9%; Heineken Holdings to 21%; Industrivärden C to 15.4%; Investor B to 16%;
Porsche Automobile Holding to 32%. Rio Tinto DLC widened to 13.3%. Spreads tend to widen in bear markets but short term recoveries provide opportunities to bet on tightening discounts.
Recommended trades: GBL vs. listed assets, Industrivärden C vs. listed assets, Investor B vs. listed assets; Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto (DLC).


Selected European Holdcos and DLCs: May ‘22 Report