TGV Intrinsic Fund’s Q2 2021 Investor Letter

Investmentaktiengesellschaft für langfristige Investoren TGV, a Germany-based investment management firm, published its “TGV Intrinsic Fund” second-quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly net return of 10.2% was recorded by the fund for the first half of 2021, slightly below the  DAX benchmark that delivered a 13.2% return for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their top bets for 2021.