In short: #3, and the best compound rate on the captured list — 17.4% a year since the 2006 IPO. "A German family-owned company that invests in other family businesses. The Freimuth family owns 71% of MBB SE through MBB Capital Group. They focus on secular trends such as the energy transition and cybersecurity. These themes will only become more important over the next few decades." The portfolio is unusually concentrated and unusually liquid: Friedrich Vorwerk 44.2%, cash 26.9%, unlisted private equity 22.3%, Aumann AG 5.5%, Delignit AG 1.1% — i.e. more than a quarter of the vehicle is dry powder, and nearly half is a single position.
MBB is a small German company whose business is buying other German family businesses. The Freimuth family owns 71% of it, and it deliberately targets two long-term themes: the rebuilding of energy infrastructure, and cybersecurity.
It is very concentrated. Friedrich Vorwerk, an energy-infrastructure contractor, is 44.2% of the portfolio. Another 26.9% is simply cash waiting to be spent, and 22.3% is in businesses that are not listed. Aumann is 5.5% and Delignit 1.1%.
Since listing in 2006 it has compounded at 17.4% a year — the best rate of the ten captured names apart from Constellation and Brookfield. The flip side is the obvious one: a buyer is really making two bets, one on a single contractor and one on the family's ability to spend a quarter of the company's value well.
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