Teslin Participaties

Dutch shareholdings

Teslin Participaties Coöperatief UA (‘Teslin Participaties’) was founded in June 2017 as a successor of investment funds Darlin and Todlin. With interests in Dutch listed companies, the portfolios of both Darlin and Todlin were merged in July 2017 into Teslin Participaties.

Teslin Participaties holds sizeable interests in Dutch listed companies. The stock market value of a company when we start investing is max €2 billion, meaning that Teslin Participaties focuses on smaller companies. Teslin Participaties invests solely after having performed a fundamental analysis in which all company-specific risks, including risks in the field of sustainability, are integrally taken into account and weighed up. Teslin Participaties presents itself as an enterprising investor who, by structurally exerting influence in the areas of strategy, capital allocation and ESG (Environmental, Social and Governance), strives for sustainable value creation in the long term. In addition, Teslin Participaties aims to define and guide instrumental strategic developments at the companies in which we invest, such as a bid for the company by a third party. We call this "entrepreneurial shareholding"; long-term critical involvement in a constructive and cooperative manner. Teslin Participaties’ committed investment philosophy works best with a focused portfolio of 10-15 companies. Teslin Participaties manages risks through its expert knowledge of the companies and industries it invests in and the effectiveness with which it exercises influence.

Value and returns of Teslin Participaties

Intrinsic value
per 12/04/2024
€ 985,60

Returns
(from 12/04/2024)
(reinvested dividend included)
-7,2%

Average annual return
Teslin Participaties^*

3 years	-3,0%
5 years	6,2%
10 years	9,4%
20 years	10,5%
Since inception (in 1992)	10,7%

^*	Based on reinvested dividend, as of the last day of the previous month

Annual returns of Teslin Participaties^*

2023	-3,0%
2022	-20,4%
2021	36,4%
2020	11,6%
2019	27,7%

^*	Including reinvested dividend, after costs, based on a calendar year

Historical return Teslin Participaties (per March 31st, 2024)*

^*

Includes reinvested benefits.

The past returns shown are based on the portfolio of the Darlin investment fund, prior to 30 June 2017. On 1 July 2017, the Darlin and Todlin investment funds incorporated their portfolio of shares in Dutch listed companies into Teslin Participaties at the value on 30 June 2017, as audited by KPMG Accountants NV. As of that date, the value of the Darlin portfolio amounted to around 77% of the total value of Teslin Participaties.

Dividend paid out by Teslin Participaties

Teslin Participaties aims to pay out an annual dividend that at least equals that of the previous year.

^*	On 1 July 2017, the Darlin and Todlin investment funds incorporated their portfolios into Teslin Participaties at the value on 30 June 2017. Darlin paid out the 2015, 2016 and 2017 dividends.

BNP Paribas SA, Netherlands branch, calculates the intrinsic value on every first working day of the week. Our external accountant, KPMG Accountants NV, verifies our financial statements and valuation at the financial year-end.

The value of your investment may fluctuate. Past results are no guarantee for future results. A Key Investor Information Document is available for this product. This includes information about the product, the costs and the risks. Please ask for this information and review it before you buy the product.

Teslin Participaties Fund manager

Jan-Jaap Bongers (1980) studied business management in Rotterdam. He previously worked at ING Bank, most recently as Director of Structured Acquisition Finance. In this role, he was responsible for the financing of private equity transactions. He joined Teslin in August 2015.

Since the Darlin and Todlin portfolios were incorporated into Teslin Participaties in July 2017, Jan-Jaap is the fund manager for Teslin Participaties.