Quarterly report of a portfolio company, cross-checked.

Results

Only success counts

In the following section, we have presented the facts regarding the results of our activities for you. Our aim is to generate a return of 10-15% p.a. over the long term, independently of developments on the stock markets. To achieve this, we accept short-term fluctuations.

Development NAV (Net Asset Value)

The long-term view shows a clear outperformance against the benchmark MSCI Europe IMI since inception: the index has increased sixfold, while we have increased the value of our portfolio sixteenfold. This corresponds to an annualised return of 12.0% p.a. for FORUM compared with 7.6% p.a. for the benchmark.

Performance vs Index

Bar chart: annualised return for YTD 2026, 5 years, 10 years and since inception in 2002 — FORUM (blue) versus MSCI Europe IMI (red).

FORUM (blue) has beaten the benchmark in almost all periods. Since inception in 2002, the annualised return has been approximately 12.0% p.a. compared with approximately 7.6% p.a. for the benchmark. This corresponds to an annualised outperformance of approximately 4.4 percentage points p.a.

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