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  "documentTitle": "Kinnevik | Results Presentation Deck | 16 slides",
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  "authorName": "Kinnevik",
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  "presentationDate": "2022-04-01 00:00:00",
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  "notes": "The slide uses a waterfall chart to explain the delta between raw performance and adjusted NAV performance.",
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      "text": "Waterfall chart showing performance adjustments from -21% to -10%",
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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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