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It’s been two years now since I first invested into Onex(TSE:ONEX) and it’s been a bumpy ride bottoming in late 2023 at $59 CAD vs the current price of $96 CAD. Since my last article things operating wise have been much more stable though not exactly positive. On the positive side PE portfolio performance and invested capital per share growth both improved over the prior year. But the FEAUM is slightly down and FRE is still negative.

Deutsche Beteiligungs or DBAN is a small German based middle market private equity firm that currently manages 2.5B in AUM. The company is valued below book value which assigns no value to its investment fee income which makes it attractively valued. Peers usually trade at a premium to book and 10 to 20 times fee related income. The company has recently expanded to Italy and into private debt which will allow the company to continue to grow AUM. I think DBAN is probably a nice place to park my money for the future.

Every year I move through my current portfolio positions and evaluate them against the original thesis. I first brought Village back in Feb of 2022 back when it was struggling profitability wise. Since then net margin has expanded from .98% in 2021 to 2.34% in H1 2024.

Sendas Distribuidora (NYSE:ASAI) or Assai is the second-largest grocery player in Brazil focused on the cash and carry segment of groceries. Assai executed a transaction with its former parent company GPA in 2021 to acquire 70 hypermarkets to convert into Assai stores. This transaction promised growth, which has materialized as of 2024. Profitability suffered as the company digested the large amount of new stores but this year’s SG&A to revenue is finally starting to come down, and the company is set to get back to 5% EBIT Margins. The stores are still relatively young, which should mean continued high growth coupled with a return to higher profitability means ASSAI could be a strong performer.

Summary of my Portfolio as of Q1 2024.