Defying Gravity

Unit-holders in the AKRO Fund Novych Ekonomik will note the significant rise in value of the fund since the last valuation. The 10.5% jump in fund value can be attributed to three factors:

• A further significant rise (see chart) in the value of Gravity Co ADR, a successful Korean mobile/ computer games developer.
• Currency gains
• The fact that the fund values just once a month rather than weekly which obviously results in larger swings in value for the fund.

We are in the process of reducing our exposure to Gravity Co ADR in the AKRO Fund Novych Ekonomik for risk control reasons.

Jeremy Monk
Investment Director
AKRO investiční společnost, a.s.
Prague
2/10/2020