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Scherzer & Co (PZS) was able to offset the impact of subdued equity markets (the MDAX declined 1.3% in H118) through its business of writing options and higher dividend streams. As a result, despite the c 26% share price decline in the case of one of its largest holdings (freenet), the company’s NAV (including the dividend at €0.10 per share) rose by 4.7% in H118. However, the ytd return as at end-August was slightly lower at 2.2%. PZS’s portfolio of extra compensatory claims (ECS) increased to €102.1m (€119m including Allerthal-Werke and RM Rheiner Management), mainly due to the addition of €8.4m attributable to PZS’s stake in Oldenburgische Landesbank.

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