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July 25, 2016    Download attachment-1 MAKOR Share Class Weekly   Good morning,   Hope you had a nice weekend !   Please find attached our weekly share class report #9.   This week, our share class book lose 0.05% globally. This loss is caused principally because of bad results of Ryanair which are affected the spread negatively.   Last week we   -Set up a long FOXA US / FOX US at 97.90%, waiting for a potential share buy back on A shares following the earnings announcement on August 3rd as they have done in the past two years.    -Set up a long RDSA LN / RDSB LN at 98.30% with a 99.50% target. It is not working so far, we would increase position at 97.50%.    -Set up a Short ATCOA SS / ATCOB SS at 110.00% with a 107.00% target.      If you want, contact us or your sales representative to receive by Bloomberg Chat the ideas we push live.   Download attachment-2   Click Here For Full Report      Download attachment-3   ​   Download attachment-4   ​   Download attachment-5   ​ Download attachment-6   Makor Capital   11 Menachem Begin St., 26th FL Ramat Gan 52681 ISRAEL Tel         +972 3 5453 762 Fax        +972 3 7162 680       Research Disclaimer   This publication has been prepared by Makor Capital Limited (“Makor Capital”) and is intended for professional or qualified investors only. Makor Securities London Ltd (“Makor Securities”)is distributing this material to its clients who are Eligible Counterparties or Professional Clients under FCA Rules. 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European Holding Companies  - Makor’s bi-weekly monitor

 

Our main takes form the past two weeks:

 

CDI/LVMHspread continued to perform in line with our expectations and narrowed by another ~1%.  The spread is currently at a level of 11%, slightly below its last three years average trading history. We recommend to take profits and exit the trade which has yielded ~7% return since our recommendation at the end of May. See current Stub value and more data in the report attached.

 

Renault/Nissan spreadwas the highest move over the past two weeks with discount narrowing by 4.5%, in line with our expectations (see our report from June 28 in which we recommended to go long Renault/short Nissan + SXAPEX).

 

Exor (EXO: IM) discount was stable and we still recommend our trade from June 29 (Short Exor/Long listed portfolio + SXIPEX).

 

Full report attached!