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  "notes": "The chart uses a waterfall-style bridge to explain the delta between the initial portfolio performance and the final NAV impact.",
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      "text": "Q1 2022 Value Drivers",
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      "text": "Key mitigants to the broad-based correction in Q1 is that (i) we do not believe we hold an 'average portfolio' but rather a group of assets that should be benchmarked against above-average comparables; and (ii) our companies are generally growing materially faster even than these comparisons, bringing valuation levels down materially when looking into 2023-24 revenues",
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      "text": "Source: BVP, FactSet",
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      "text": "IF OUR UNLISTED INVESTEES FORMED AN EQUALLY-WEIGHTED INDEX OF STOCKS, IT WOULD BE DOWN BY AROUND 20%, IN LINE WITH RELEVANT BENCHMARKS",
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