My long term readers know that I am relatively sloppy with updates especially when a stock does well. When I have time then I try to look at least briefly into annual reports when they are published .
VEF (formerly Vostok Emerging Finance)
VEF had a pretty decent 2020. Share price went up in 2020 by +37%, although faster than NAV which went up by around 22%. This was however achieved with some volatility:
What I missed is that they dis a share placement in November 2020. As usual, the reporting is very transparent so one can see that 4 out of 12 investments lost value. However the biggest position, Brazilian Creditas was also the best performer. Around 2/3 of the portfolio is now Brazilian Fintech. Their only new investment in 2020 was an Indian mobile payment company which makes it their first Indian investment.