Theia Note – Mid-Year Review

At the end of the first half of 2022, NAV stood at €4.78bn and NAV

per share at €192, compared with €235 at the end of 2021, a decline

of 17.2%, dividend reinvested. Over the period, the portfolio's

diversification into unlisted investments and the high dividend

payments made by Stellantis offset part of the decline in the share

price of listed holdings (-31.4%).

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