The Q2 NAV increased by 6% in USD terms and was broadly flat on a per share basis in SEK q/q. The fair value changes across the portfolio were driven by a mix of improving operational performance, listed peers trading up and FX. The portfolio continues to be tilted towards mobility and developed markets, with the largest share of assets at a mature stage and in a natural exit phase, offering good opportunities for VNV to further crystallise value.

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