After much deliberation, we have sold our position in Tencent with a heavy heart.
Tencent was one of our largest positions and also one of our first purchases in the value portfolio. However, our growth expectations were not fulfilled. Many risks relating to regulation in the gaming sector by the Chinese government have materialized. In the long term, there are of course other risks such as an escalation of the Taiwan conflict.
At the current price, we have therefore decided to increase our cash holding and sell our shares. Overall, the return was just under 20% in around 4 years. Special dividends in particular had a positive impact on the result.
