As of the end of 2020, Velcan Holdings is actively managing about Eur 105 million (net of leverage) of minority investments.

We have invested over the years in an extremely diversified array of financial assets, with an important reallocation of investments from bonds to equity and commodities in 2020. As of the end of 2020 the main investments include mostly: equity long positions (EUR 44m), gold and silver related stocks (EUR 24m), oil related stocks (EUR 22m), corporate and government bonds (EUR 19m). The Group used some leverage at the end of 2020 and its net cash position was negative (EUR – 12m)

The equity portfolio, including gold, silver and oil related stocks, is deployed across a diversified array of 71 different issuers and ETFs. The Eur 19.5m gold position, which the Group considers to be equivalent to a separate currency, is held through 4 positions: a large position of EUR 15.5m of SPDR Gold Shares, which is an ETF backed by physical gold, and 3 smaller holdings in mining companies.

While reallocating its financial assets towards equity, the Group focused on a value investment strategy. The Group has focused on companies which were trading at historically low prices and could benefit from the improvement of the covid situation. The two sectors hence selected are banking and energy.

4 oil related stock positions are above EUR 3 million as at 31/12/2020: Royal Dutch Shell Plc, Total SA, Exxon Mobil Corp and and Chevron Corp. As to non-oil and non-gold equity, the Group’s biggest positions are in the financial sector, with 5 positions above Eur 2.5 million each: Citigroup Plc, Wells Fargo & Co, Banco Bilbao Vizcaya Argentaria SA, Banco Santander and Capital One Financial Corp. All other non-oil and non-gold/silver positions are below Eur 2 million, and diversified in various sectors such as notably automotive and heavy industries.

Historic business line:

Until July 2021 Velcan Holdings had been developing and running power projects (hydropower and biomass) in several emerging countries.

Except for one still fully owned hydro power plant in Brazil (the Rodeio Bonito 15MW hydropower plant commissioned in 2009) all other power assets and projects have been divested or suspended.