The Investment Doctor
Long/short equity, value, debt, base metals

Sofina - A Belgian Holding Company Trading At A 38% Discount To Its NAV

Introduction

In this article I'll have a closer look at Sofina SA (OTC:SFNXF), a Belgian holding company which is trading at a very deep discount to its Net Actual Value. I will start with a brief overview of the history of the company to explain why Sofina has a relatively defensive style of investing, and will move over to the last semi-annual report which was released last week. Finally I'll glance at the company's main holdings which will result in my investment thesis at the end.

As Sofina's main listing is on Euronext Brussels with ticker symbol SOF, I'd recommend to trade through the facilities of Euronext as Sofina has an average daily turnover of 6,000 shares...

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