East 72 Dynasty Trust Q1 2025 Quarterly Report

2025-04-17 22:50:00 ET

Summary

• The Dynasty Trust NAV increased marginally by 0.54% during a quarter of immense equity market volatility.
• Our portfolio was far more stable than market indices, but not immune from the more pessimistic tone of prices in the March month.
• By and large, we believe our direct exposure to the volatile US tariff process is modest, but not nil.

The Dynasty Trust NAV increased marginally by 0.54% during a quarter of immense equity market volatility. Our portfolio was far more stable than market indices, but not immune from the more pessimistic tone of prices in the March month. This concluded an absurd run of eight successive positive return months.

We were more active in the quarter than in prior periods, reflecting significant relative price changes, and assessment of 2024 results and changing forward outlooks. We divested four securities: Porsche Automobil ( POAHF ), FCMC, Canal+ (the distribution from Vivendi) and Magellan Financial Group ( MGLLF ), the latter ahead of a sharp 33% decline in share price after our sale as investors lost confidence in management’s strategy.

Aside from liquidity management, our most tangible additions to existing holdings were in Laurent Perrier ( LPRRF ), Euroeyes International, Economic Investment Trust, Fairfax Financial and Avolta. We acquired three new holdings in the quarter:

• Carlyle Group ( CG ), the US alternative investment manager, which trades at significant discounts to the peer group;
• Borr Drilling ( BORR ), the Bermudan domiciled owner of 24 modern shallow water jack-up drill rigs, with a leveraged capital strcure but expected pay-down via strong free cash flow; and
• BOC Aviation ( BCVVF ), a Hong Kong listed aircraft leasing business, further discussed below.

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