Listed investment company Quest for Growth closed the first half of 2025 on a positive note, reporting a net profit of €3.8 million and a return on equity of +2.83%. The share, listed in Brussels, rose by 1.5% to €4.04 on 30 June, despite a persistent discount of 45.2% compared to its net asset value.
Shareholding change: the founders return
A significant development occurred in mid-June: Belfius Insurance announced the sale of its 11.98% stake in Quest for Growth. This stake was acquired by Jos B. Peeters and Philippe Haspeslagh, the company’s co-founders. Mr. Peeters thus becomes the new reference shareholder, a sign of continuity and confidence in the company’s long-term strategy.
Contrasting markets
While European stock markets gained around 9% in the first half, driven by banks, telecoms and especially the defense sector, U.S. markets declined by more than 6%, weighed down by a weaker dollar against the euro. In this environment, Quest for Growth successfully capitalized on its investment choices.
Listed portfolio: strong performances
The listed equities portfolio recorded an estimated 9% increase over six months. Among the standouts, Norwegian company Norbit, added in April, surged by more than 76% thanks to the growth of its sonar division and improved profitability. Dutch firm Nedap rebounded by 39% after a challenging year, while Belgian Melexis rose by 34%, supported by expectations of renewed demand for chips and sensors.
Conversely, some holdings weighed on performance: Arcadis (-14%), De’Longhi (-12%) and Tubize (-4%), despite solid results from the underlying businesses.
Private equity momentum
Quest for Growth continued its strategy in venture capital and private equity, making several follow-on investments, including in Dutch energy transition player Gradyent, cybersecurity start-up EclecticIQ, and innovative companies Rein4ced (aerospace and defense composites) and DMC (sustainable chemistry).
Cautiously optimistic outlook
Despite a fragile geopolitical backdrop – marked by trade tensions, protectionism and regional conflicts – the manager remains cautiously optimistic. Valuations of European small and mid-cap companies remain historically low, offering potential for recovery. With a diversified portfolio in digital, healthcare and cleantech, Quest for Growth believes it has strong assets to navigate an increasingly volatile global environment.
