$ZEG Norbury Capital delivered an impeccably and simple elucidation of the complexities inherent in the Zegona investment. norburycapital.substack.com/p/a-guide-to-z…

Some thoughts on FX impact on unhedged EUR funds with multi-currency exposure. We have experienced ca. 3pp loss due to FX in Meridion since inception in Feb24 due to fast strengthening of EUR. GBP (30% of the fund) has remained more stable than other currencies (AUD, CAD, USD),

$FND.AX Findi IPO moving forward with a 727M-926M AUD range. Selling 20% at the lower range would represent ca. 150M pre-tax (a bit lower than the 200M from my previous post), with a remaining 60% participation valued at 430M. Runway for further valuation increases with huge