Russian Doll Investing: Given the experience of the team, we have the skills in-house to value a wide range of businesses. One area we like to invest in is sum-of-parts opportunities – especially if we can invest at a discount before the market wakes up to the embedded value that we have identified.

Such situations can provide a good margin of safety if our assessment of hidden value is accurate. Our holding in Open Orphan provides a good example. Having followed one of its acquisitions, Venn Life Sciences, for a number of years, we took the decision to invest in Open Orphan in May 2020. In the past, founder Cathal Friel had shared his plans on extracting value from non-core assets via spin-offs and it is a delight when managements actually deliver on their promises. The proposed spin-out of Poolbeg Pharma announced in mid-June represents the first step along this journey; in the coming years, we expect more Russian dolls to emerge.