Yesterday’s CMD highlighted the quality of the portfolio and the potential for future NAV growth. The manager continues to source attractive investments away from traditional auction processes across its three core sectors. Digital business models account for 76% of the portfolio, helping to drive 20% EBITDA growth in 2020. OCI has delivered the highest NAV return in the listed private equity sector over the last three years and yet remains on one of the widest discounts. We see considerable upside for the shares through consistent NAV growth and a narrowing of the discount.
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