East 72 Dynasty Trust Q3 2025 Quarterly Report

October 07, 2025 05:05:00 am

Source: SeekingAlpha

2025-10-07 05:05:00 ET

Performance and net asset value

Quarterly return†: 1.63% | Rolling 12 months† : 19.28% | NET ASSET VALUE PER UNIT AT 30 SEPTEMBER 2025† : $1.3335 | Two years pa†: 17.44% | Inception†: 39.94% (not per annum)

† after all ongoing and performance fees.

Andrew Brown is making two presentations at the Passive Investor Event in Dallas, TX hosted by Financial Journey and Keith Blackborg on October 23 ^rd & 24 ^th passiveinvestorevent.com

The Dynasty Trust NAV increased by a modest 1.6% in the September quarter. We are categoric that we will not keep pace with wider indices in markets where surplus liquidity chases short-term ideas with minimal investment merit. Not surprisingly, when such behaviour became far more prevalent in September, the lags were greater. We also have no exposure to precious metal producers.

Of the three companies discussed in this quarterly, two have stellar long-term track records. Both were negative contributors in the quarter as a result of a further de-rating of the respective company’s share price relative to our estimate of its intrinsic value. In particular, the four exposures in the Bolloré ( BOIVF ) group cost over 1.1% to NAV over the quarter. We show that Bolloré itself has suffered an effective €1.2billion de-rating versus our estimates of value over a twelve-month period, which we view as being symptomatic of the prevailing impatient environment. There are self-inflicted reasons why the company and its satellites are struggling for investor attention at present, but all are solvable. Likewise, the de-rating of Exor ( EXXRF ) despite exemplary capital management is explainable, but extreme even when acknowledging more bearish scenarios for the impact of US tariffs on two of their most significant investee companies, Stellantis and CNHI....

Read the full article on Seeking Alpha

For further details see:

East 72 Dynasty Trust Q3 2025 Quarterly Report