As of the end of 2023, Velcan Holdings is actively managing its proprietary funds, Eur 125 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 2023, in percentage of the net assets, the portfolio is constituted of cash (45%), gold mining and silver linked securities (26%), and other equity long positions (26.8%). The balance is composed of equity short positions, BRL and INR Money Market funds, bonds and private equity.

The equity portfolio, including gold and silver related instruments, is deployed across a diversified array of 50 different issuers and ETFs. The gold position, which the Group considers to be equivalent to a separate currency, was held through 4 positions. The investment in gold mining companies through the VanEck Gold Miners ETF being the most significant, valued EUR 18.7m as of 31.12.2023.

In H1 of 2023, the Group divested its position in two banking stocks namely BANCO BILBAO VIZCAYA ARGENTARIA SA and BANCO SANTANDER SA to benefit from the rally resulting, in a financial gain of EUR 1.56m. In H2 of the year, the Group increased its exposure to Japan Hotel Reit Investment Corp.

As to non-gold related equities, 5 positions stand above EUR 2.5m: iShares Silver Trust, Ping An, Tencent, Citigroup and Japan Hotel Reit. The Group also holds a S&P Short position of EUR 3.0m. As of 31st December 2023, the Group’s equity investment is mostly exposed to U.S, Chinese, European and Japanese issuers. The Group capitalized on investments in the banking sector selling its positions in 2023 as these assets had rebounded strongly from their initial purchase price, mostly in 2020.

As of the end of the year 2023, the Group financial assets were exposed to the Japanese Yen (34% against 36.5% in December 2022) and the EURO (22.7% against 31.75% in Dec 2022). Exposure to the US Dollar was higher this year (16.6%, against -2%, excluding the overdraft facility, in December 2022).

The complete description of the financial portfolio of the Group can be found in the annual report 2023, available under the investor section of this website.

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.