We are in New York this week to discuss actions on our Akorn investment after the takeover by german Fresenius, and to meet potential new partners and investors. Our Akorn investment has rocketed our performance year to date to 65,41%. This actually means, that we have met our 4 year target in 4 months! In September 2016 our performance for the year 2016 had reached well above 30%, but our investment in Akorn went south the last 4 months of the year, impacting our performance to be “just” above 15% for the year. Of course we kept cool ;), and kept buying more Akorn shares on the way down. We had also marked Akorn as a possible M&A target, but we did not expect this to happen so quickly. After the takeover was announced last week at 34 USD a share, a few law firms have announced their investigations into whether the board of directors of Akorn have done their best to explore all options and getting the best possible price. Some analysts believe the price should have been at least 36 USD a share and some argue it should have been above 40. At Manivest we have talked to some of these companies this week, but we have decided to sell our shares in Akorn now and enjoy the very good return it has given us. So what now? Well, back to work and identify our next value investments. The remaining portfolio at the moment includes Novo Nordisk, Pandora, Plus500 and Wizz Air – all in the green area for the year to date.
The weather is fantastic here in New York and I wish you all a very nice week-end.
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