41% of Surveyed Crypto Investors are Newbies
41% of Surveyed Crypto Investors are Newbies 101
Source: AdobeStock/Pormezz

As many as 41.4% of cryptocurrency investors are crypto newbies, and 60% of them declare they have invested between USD 2,500 and USD 5,000 in crypto, according to the results of a recent survey by alternative investment firm Invictus Capital.

“Today’s investor resembles a 35-year-old German engineer named Günther. He derives his crypto investing information from YouTube, because he values learning how to generate high returns on his investment more than the idealism of cutting out the middleman,” the company said in the survey’s summary.

They are referring to the finding that the country with the highest percentage of surveyed alternative investors was Germany, at 14.1%, followed by the US and Spain, with 7.7% and 6.8%, respectively. The UK and Turkey were ranked fourth, both at 4.8%.

Furthermore, the survey indicates crypto investing is dominated by those aged 31-45, with 41.8%, while respondents aged 25 and below represent 25.1% of the total. Investors aged 25 to 30 hold a 22.9% share, while those aged 45 and above represent only 10.2% of the total.

The survey collected answers from some 3,473 respondents spread across a total of 60 countries. Ofir Sever, a PR spokesperson for Invictus Capital, told Cryptonews.com that the survey’s focus was to determine the modern investor profile, media consumption habits, crypto investing sources, as well as investing habits. The survey was carried out online last February and March, and it targeted investors.

Data was sourced from respondents with access to high-speed Internet, with a significant share of responses from the European Union’s member states and Asian countries, according to the spokesperson. Mobile users provided 94% of the responses, with desktop and tablet users generating a further 5.5% and 0.5%, respectively.

The average sum invested in crypto is reported to be USD 2,500 – USD 5,000, with 60% of those surveyed marking this option. 40% also reported investing USD 100 – USD 2,500, while more than 30% of the respondents have also made investments under USD 100.

With regards to the respondents’ professional profiles, engineers lead the way, at 12.5%, followed by tradesmen and lawyers, both at 9.6%, and finance professionals with 8.6%. Among the listed professions, IT is at the bottom of the list, with 1.6%.

The survey’s summary further stated that:

  • 68% said high returns remain a motivation;
  • 54% see crypto investing as a method to future proof their money;
  • 25% invest to mitigate dealing with middle men;
  • 50% noted high fees on exchanges, quality, and volume on exchanges as the biggest challenges they faced.

And speaking of exchanges, 69% of surveyed investors listed Binance as their exchange of choice, followed by Coinbase with 42.6%, and Kraken with 13%.

74% of the surveyed individuals chose YouTube as their preferred social channel.

Meanwhile, almost 40% percent of respondents said that they invest on a weekly basis, 34.3% said they invest monthly, and 7.7% said they invest once a year, Invictus Capital concluded.

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Learn more:

9% of Surveyed US Teens Claim to Have Traded in Crypto

50% of Inexperienced Investors to Hold Bitcoin Less Than a Year – Survey

18% of Asked Americans Bought Crypto, Most Know Only Bitcoin – Survey

Young Investors Drive Increased Aussie Bitcoin & Crypto Investments

Investors Still Prefer Stocks To Bitcoin, But BTC Wins Over Gold – Survey

More Professionals Trust Crypto Than Want To Get Paid In It – Survey

Crypto is Here to Stay, But There is a Twist, Survey Shows

The People’s Bank of China (PBOC) has expanded the trials of their CBDC to the Hainan Province from April 12 to April 25
the-peoples-bank-of-china-pboc-has-expanded-the-trials-of-their-cbdc-to-the-hainan-province-from-april-12-to-april-25

It is reported that from April 12 to April 25, the People’s Bank of China (PBOC) will expand the CBDC trial to Hainan province. This was the first event in an attempt to normalize cryptocurrencies across China. Now the People’s Bank of China has also conducted the test in other provinces.

Hainan Province announces its first-ever CBDC event in an attempt to normalize the digital currency across China

The Digital Currency Electronic Payment (DC/EP) is a fiat currency designed to replace a system of reserve money. Currently in the testing process, but CBDC is still gradually being adopted in China.

Members of the Sanya municipal government, including their employees, businesses, and permanent residents, will be the main participants of this trial. The trial will raise awareness for the digital yuan, foster secure transactions with wide accessibility. Additionally, participants in this trial will receive a 15% discount for every 100 yuan spent on the island.

While CBDC trials continued across China, cities like Chengdu and Beijing have shown promising success. The second batch of trials was announced in Shanghai, Trường Sa, Qingdao, Xi’an, and Dalian.

Currently, the digital yuan is in beta in China. It is being piloted as a retail CBDC. In the future, though, the central bank aims to be able to interact with other countries. The PBOC and the Hong Kong Monetary Authority are currently testing the digital yuan for cross-border use.

Besides, PBOC has included the affiliated banks of digital payments giants, AliPay and WePay, in their trials to increase adoption. Due to this partnership, users with WeBank and MyBank accounts can now access their money using PBOC apps running CBDC. AliPay and WePay together dominate more than 93% of the digital payments market in China.

There are currently 573.6 million users for digital payment platforms in China. This number is expected to increase to 618 million by 2025 showing huge potential for a shopping mall in this market.

Calm After the Strom: Bitcoin Reclaims $57K and Ethereum Above $2K (Market Watch)

Bitcoin dipped to its lowest point in over a week beneath $56,000 but has recovered some of the losses and currently stands above $57,000. Most altcoins have retraced even harder, including a double-digit price drop for the high-flying Ripple (XRP) and Ethereum briefly dropping beneath $2,000.

BTC’s Dominance Increases Despite the Drop

The past several days didn’t go all that well for the primary cryptocurrency. After failing to overcome $60,000 on numerous occasions, the asset reversed its trajectory and headed south.

Bitcoin reached $59,400 on Thursday, but its inability to sustain the upward momentum gave the bears an opportunity to push it down, which led to a $4,000 price drop in less than 48 hours.

Yesterday was an especially harmful trading day for BTC as it slumped to a low of about $55,500. This was the lowest price line since late March.

It’s worth noting that this retracement came as the South Korean kimchi premium normalized following a yearly high. As CryptoPotatoreported, such developments typically lead to a price drop.

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Nevertheless, the cryptocurrency bounced off and has regained more than $1,500 since its low. As of writing these lines, BTC stands just above $57,000.

On the positive side, the altcoin market has retraced even harder. Consequently, bitcoin’s market capitalization has recovered a little less than 1% and stands around 55% after dipping below that level yesterday.

Altcoins Deep in Red

The alternative coins were on a roll in the past week or so, registering new records. Ripple was among the best performers by adding 100% of value in that timeframe, reaching a 3-year high at over $1,10, and becoming the 4th largest cryptocurrency by market cap.

However, XRP has retraced with about 11% since yesterday, despite the company’s CEO claiming that the court hearing against the SEC went well for the payment processor.

Ethereum dropped below $2,000 but has jumped slightly and currently stands at $2,020. Binance Coin (-2%), Polkadot (-4%), Cardano (-6%), Uniswap (-2%), Litecoin (-5%), and Chainlink (-5%) are also in the red.

The situation with the lower- and mid-cap altcoins is significantly more volatile, as one could expect. Helium (-15%), Ontology (-14%), Qtum (-14%), NEM (-12%), EOS (-12%), Waves (-11%), and Bitcoin SV (-10%) have also retraced with double-digits.

On the other hand, WazurX (37%), 1inch (23%), Enjin Coin (23%), Harmony (21%), PancakeSwap (12%), Yearn.Finance (12%) and Conflux Network (10%) have gained the most since yesterday.

Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Data from on-chain analytics provider Glassnode has reported that Bitcoin’s average hash rate hit a new all-time high this week, crossing a daily average of 178 exahashes per second for the first time in history.

Bitinfocharts confirms the record high, reporting the current hash rate at 176 EH/s. It topped 150 EH/s twice in February and has remained at these high levels for the past two months, steadily increasing.

Hashrate is often considered as computing ‘horsepower’ for the Bitcoin network and a strong sign of its security. The higher the hashrate, the harder it is to attack the network.

The bullish on-chain metrics were observed by data scientist Rafael Schultze-Kraft [@n3ocortex], who added that mining difficulty has also hit a new all-time high.

1/ A thread on #Bitcoin miner metrics.

First, some fundamentals.

Bitcoin’s average hash rate hit a new ATH yesterday – crossing a daily average of 178 exahash / sec for the first time in history.

Miners keep spinning up machines – hash rate is up only.https://t.co/SEdtQGNsT7pic.twitter.com/vIjVGyH8QC

— Rafael Schultze-Kraft (@n3ocortex) April 6, 2021

Mining Never More Profitable

The analyst noted that Bitcoin miners have been making more than $50 million per day for the past month. He put this into perspective by pointing out that a year ago, this number was around $12 million – so current earnings are a fourfold increase despite the block subsidy being cut in half in May 2020’s halving.

Miners are also now holding on to the new coins they’re minting as the net position has flipped back to green, according to Glassnode. In the run-up to the $40K price level, miners were aggressively selling off to cover their costs, but they’ve now switched back into accumulation mode.

“In fact, the Bitcoin unspent supply (BTC that has never left the original mining addresses), has started to increase again after a quick and sharp drop of around 15k BTC at the beginning of the year. More hodling than spending.”

He added that direct BTC transfers from miner to exchange wallets have been going back down significantly, and even USD-dominated miner to exchange volume has decreased despite a stable price. However, miner activity represents a tiny fraction of BTC trading volumes as a whole.

The analyst concluded that these metrics are very bullish, and miners have little incentive to cash out now or capitulate as many predicted after the halving.

Bitcoin Price Update

At the time of press, Bitcoin was trading down 1% on the day at $56,700, according to Coingecko. It is down at the same time last week by 3.4% but remains within the month-long range bound channel it has formed.

Bitcoin has not dropped below $50K for over a month, which is also a bullish sign that support is holding strong.

Kimchi Premium Vanishes, then Returns as Bank Issues Appear to Have Hit Upbit
Kimchi Premium Vanishes, then Returns as Bank Issues Appear to Have Hit Upbit 101
Source: iStock/TwilightShow

Widespread reports of a return of the kimchi premium appear to have been shrouded in confusion after bitcoin (BTC) prices plummeted briefly on a number of domestic exchanges before rising back above the USD 62,000 mark – while the market-leading Upbit platform suspended fiat withdrawals, possibly due to a banking issue.

The platform announced that it was conducting an “urgent inspection of KRW deposits and withdrawals,” but did not specify what the issue was in an official notice.

However, the Upbit operator Dumanutold the media outlet TechM that the issue was with a “fiat deposit and withdrawals service provider,” and “not with Upbit’s servers.”

The problem, however, may lie with the exchange’s banking partner. As previously reported, Upbit has partnered with the neobank K-Bank, with whom the crypto exchange’s customers are obliged by law to hold real-name authenticated accounts if they want to use Upbit services.

At around 7 AM UTC, BTC prices fell by 8% on leading platforms on yesterday’s prices, with some altcoins falling by 20%. But prices bounced back just an hour later. TechM stated that this sparked a massive rush in BTC buying. That made K-Bank “temporarily suspended related services and begin to inspect operating systems.”

But the issue may run deeper than this. Indeed, it may have been the straw the broke the camel’s back.

SBS reported that the K-Bank’s Upbit partnership may have become too successful for its own good. While business is booming with new crypto-related account creation and trading volumes via Upbit remain sky-high, the bank is not performing as well when it comes to doing what banks traditionally do – i.e. lend money.

The company’s mortgage products have experienced a much less positive uptake, the media outlet reported, a fact that has raised red flags. The latest surge in fiat-fuelled crypto buying may have tipped K-Bank’s payment model into dangerous territory.

The media outlet reported that the bank had lowered the interest rate of four new products “from today,” and had decided to stop new sales of one of its “preferential terms” deposit offerings from next month.

SBS labeled the issue an “emergency in managing K-Bank’s loan-to-deposit ratio.”

On the kimchi premium issue, the CryptoQuant CEO Ju Ki-young claimed there was evidence of “arbitrage” as Upbit rival Bithumb had seen “BTC inflow mean” increase “while all other exchanges” had seen falls. “It seems some whales are depositing BTC to Korean exchanges,” he wrote.

But per EToday, opinions are divided on the matter of the kimchi premium. A researcher quoted by the media outlet stated that they doubted there would be any sharp rises in the discrepancy between South Korean and overseas exchanges, with experts claiming that medium to long-term, prices would likely correct, despite short-term “burdens” for South Korean BTC traders.

For those about to ring the alarm bells, it may be worth pointing out that at the peak of the kimchi premium (2017-early 2018), when South Korea accounted for almost 9% of the global BTC market, sustained premiums of 30% were regular, and the premium peaked at a whopping 55%. Experts have previously told Cryptonews.com that a return to these heady days are extremely unlikely.

Per Scolkg data at the time of writing (UTC 12:11pm), the kimchi premium is now back at around +12%, with a difference of about USD 6,400 in the price of BTC 1 on Upbit and Binance.

Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower

Bitcoin price struggled to clear the USD 58,000 resistance zone. As a result, BTC reacted to the downside and traded below the USD 57,000 support. It is currently (12:00 PM UTC) showing signs of more losses and it could drop below USD 56,000.

Similarly, most major altcoins are declining. ETH is down over 5% and it even broke the USD 2,000 level. XRP/USD topped near USD 1.100 and corrected over 12%.

Total market capitalization

Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower 101
Source: www.tradingview.com

Bitcoin price

After losing momentum above USD 58,000, bitcoin price started another decline. BTC traded below the USD 57,200 and USD 57,000 support levels. The next major support is near the USD 55,500 level, below which there is a risk of a sharp decline in the coming sessions towards USD 52,000.

On the upside, an immediate resistance is near the USD 57,000 level. The main resistance is now forming near the USD 57,000 and USD 57,200 levels.

Ethereum price

Ethereum price failed to clear the USD 2,120 resistance zone, resulting in a bearish reaction. ETH broke the USD 2,075 and USD 2,050 support levels. The price even broke the USD 2,000 level and it may possibly test the USD 1,920 support zone.

On the upside, the price might face resistance near USD 2,050. The main resistance is still near the USD 2,120 level, followed by USD 2,150.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) topped near USD 415 and it started a major decline. BNB dropped below the USD 385 and USD 380 support levels. It is now approaching the USD 350 support zone. Any more losses could lead the price towards the USD 332 level. On the upside, the price could struggle near USD 380 and USD 382.

Cardano (ADA) trimmed all gains and it traded below the USD 1.200 support level. ADA even broke USD 1.165 and it is now trading near USD 1.150. Any more losses might call for a move toward the USD 1.050 level. On the upside, the bulls might struggle again near USD 1.200.

Litecoin (LTC) failed near USD 245 and it started a fresh decline. LTC traded below the USD 225 support and it is now approaching USD 212. The next key support is at USD 205. The main support is near the USD 200 level (the last key breakout zone).

XRP price spiked above USD 1.10 and recently started a downside correction. It traded below the USD 1.02 and USD 1.00 support levels. If there are more losses, the bears are likely to aim for a test of the USD 0.925 level. Conversely, there might be a fresh increase above the USD 1.02 level.

Other altcoins market today

Many altcoins are down over 10%, including STX, DENT, CRO, FTM, FIL, ONE, ANKR, TRX, SC, UMA, BTT, XLM, ATOM, KSM, AAVE, and DOT. BTG and QTUM are still in green, but are also trimming their strong gains.

To sum up, it seems like bitcoin lost momentum above USD 58,000 and reacted to the downside. If BTC slides below USD 55,500, it could result in a sustained decline.

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Find the best price to buy/sell cryptocurrency:

Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower 102
Binance Boss CZ Only Has Eyes for Bitcoin and BNB
Binance Boss CZ Only Has Eyes for Bitcoin and BNB 101
Changpeng Zhao. Source: Instagram, Binance

Changpeng “CZ” Zhao, the head of Binance, one of the world’s biggest crypto exchanges, said that his crypto portfolio is made up entirely of bitcoin (BTC) and his own company’s binance coin (BNB).

In a Twitter post, Zhao wrote that while Binance “holds a bit of everything listed,” his own personal holdings comprise of “some” BTC he “bought in 2014” and BNB, of which he said had “higher volatility and risk than BTC.”

But he dismissed all other altcoins, including ethereum (ETH), writing that he “[doesn’t] have time to research other coins.”

“Many people,” he concluded, “Still don’t know to save on fees using BNB.”

Binance’s token and blockchain protocol has set itself up in direct competition with the Ethereum network, where spiraling gas prices and scalability issues have been a constant irk for many of the protocol’s users.

However, it likely equates to a huge stash of tokens.

In an interview with Bloomberg, Zhao also commented that “close to 100%” of his net worth was “invested in crypto.”

He said,

“I don’t own any fiat. The physical stuff that I own is probably negligible in terms of my net worth. So this is a concept shift. I’m not using crypto to buy fiat, I’m not using crypto to buy houses. I just want to keep crypto. And I don’t plan to convert my crypto into cash in the future.”

He also spoke of how he first developed an interest in bitcoin, claiming that he had been introduced to the matter by Bobby Lee, the then-CEO of BTC China, in 2013, as well as the investor Ron Cao, then at Lightspeed China Partners, who “brought the concept up at a friendly poker game.”

He recounted,

“[Lee and Cao] said, ‘CZ, you should convert 10% of your net worth into bitcoin, because there’s a very small chance it will go to zero and you will lose that 10%. There’s a high chance it will go 10x, and then you would double your net worth.’ And I was like, well, that’s a pretty serious proposition.”

He explained that he then preceded to download the Bitcoin white paper, noting,

“Back then, there wasn’t a whole lot of educational content online. I read the white paper. I understood it pretty quickly, coming from a technology background.”

Pretty soon, he was sold on the idea, claiming that he eventually sold his apartment and quit his job so that he could buy BTC and later joined Blockchain.info (now better known as Blockchain.com), where he worked for “just under a year or so,” before realizing that his “strength” was in “the exchange-trading business.”

But although Zhao conceded that he buys “a lot of gadgets,” he claimed not to have a car or a house as he thinks they are poor sources of liquidity. He opined,

“The problem with cars, houses, is that I just don’t think they’re liquid. As soon as you buy them, you can’t trade out of them that easily. You can rent an apartment or stay in a hotel – that gives you much higher liquidity. So I’m one of those guys who value liquidity much more than owning something. I actually prefer not to own anything.”

At the time of writing (12:20 PM UTC), BTC trades at USD 56,142 and is down by almost 5% in a day and 4% in a week. BNB dropped by more than 5% today, trimming its weekly gains to less than 18%, and is trading at USD 365. It rallied by 2,309% in a year, while BTC jumped by 670% in the same period of time.

Share tips of the week

Three to buy

Kingfisher

(Mail on Sunday) B&Q and Screwfix-owner Kingfisher had an “extraordinary” 2020. The DIY group has benefited from “our desire to make the same four walls look nicer”. But the firm owes its success to more than the lockdown boom: CEO Thierry Garnier’s five-year plan has focused on improving performance in France, a key market, cutting some costs and investing in its digital presence. Turnover for the year to 31 January 2021 was up by 7.2% to £12.3bn and pre-tax profits grew from £103m in 2019 to £756m in 2020. The firm’s cash pile is “reassuring on the dividend front”, and its long- term strategy “seems to be paying off”. 325p

Ford

(Shares) Ford’s investments in electric and autonomous vehicles are yielding positive results. As activity recovers after the pandemic the car maker “should see increased sales for its cars and pickup trucks”. The group is suffering from the impact of the global semiconductor shortage, which could see earnings drop by $1bn to $2.5bn. But with a “clearer electric-vehicle strategy” the firm looks well prepared for the future. $12.85

Kenmare

(Investors’ Chronicle) Mozambique-based miner Kenmare Resources had a difficult year, but the firm has nonetheless managed to maintain its dividend. Production for the year was down by 15%, but higher ilmenite (a mineral-rich sand) prices “helped the bottom line”. Debt has risen sharply but the firm’s relocation of its WCP B plant was also the final step in a “multi-year growth programme” that should yield positive results. 407p

Three to sell

Genel Energy

(Investors’ Chronicle) Kurdistan-based oil company Genel Energy saw its sales more than halve in 2020. Cashflow slumped to $4m from $99m in 2019. Production is set to stay flat at around 32,000 barrels of oil per day. The firm has previously struggled to get paid by the Kurdistan Regional Government and is still owed around $159m of oil sales, “equal to its entire 2020 revenue”. Profits were further harmed by a $320m impairment. All this adds up to a sell. 187p

Manchester & London

(The Daily Telegraph) The Telegraph tipped Manchester & London in 2017 when it switched from “largely British shares to a growth-focused fund” containing big tech stocks such as Amazon, Facebook and Alphabet. It has performed strongly over the last three years. But now a “basket of stocks” that should have returned 32% over 2020 only yielded an 8.4% gain. This is because the trust sold call options on the shares it holds, limiting overall returns. This approach has complicated “what should be a straightforward investment rationale”. The argument for the trust “no longer holds”. 586p

In The Style

(The Sunday Times) Online fashion retailer In The Style listed on Aim this month. It made a £2m profit on sales of £35.4m in the nine months to January 2021. FounderAdam Frisby ascribes last year’s growth to the firm’s “switch from selling dresses to lockdown-friendly jogging bottoms”. But it remains to be seen whether recent growth will “outlive the pandemic… Investors should wait for evidence [that it] isn’t just a passing fad.” Avoid. 235p

…and the rest

Investors’ Chronicle

“Pent up demand” by homeowners spending their savings on improvements helped offset the lockdown-induced downturn at LED-lighting manufacturer Luceco. It looks “well positioned” for the recovery. Buy (266p). Speciality chemicals and personal care business Elementis “posted a predictably downbeat set of results after a pandemic-ravaged year”. Sales in its core divisions, personal care and coatings, fell by 9% and 7% respectively. The group also needs to reduce debt. “We remain cautious for now.” Sell (121p).

Shares

Data services group Relx has seen its shares fall behind “since the market shifted its focus to cheap value stocks”. But the share-price weakness represents an opportunity. Relx’s focus on organic growth, coupled with an “excellent track record”, make it a good investment for the long term. Buy (1,757p).

The Daily Telegraph

Record-low interest rates hit banks even before the virus. Lockdowns threatening customers’ solvency “make matters worse”. Sell Italy’s Intesa Sanpaolo(€2.30).

The Motley Fool

Hydrogen fuel cells “are increasingly being made obsolete by lithium-ion batteries”, which doesn’t bode well for green-energy hydrogen companies such as Plug Power. The company has also said it will have to restate accounts for previous years. Avoid ($35). Revenue at Nokia declined by 6% last year and is set to fall again this year. Consumers are ditching Nokia’s traditional 4G network for 5G, “to which the company has yet to fully upgrade”. Avoid (€3.50).

Private equity funds: get strong returns from these bargain investment trusts

Fund-of-funds PIN trades on a near 15% discount despite having cleaned up an unwieldy share structure a couple of years ago and exited a long tail of small holdings in the portfolio. Investment performance over all periods, including back to inception in 1987, is a remarkably consistent 12% per year. Given that most of the portfolio was last valued at the end of September, there is sure to be more to come. Despite the absence of a dividend, the shares are cheap.

Intermediate Capital took over management of ICGT five years ago, giving the fund access to a broader range of private-equity contacts and expertise and enabling nearly half the portfolio to be internally managed. This part of the portfolio has returned 19% per year over five years while the third party funds have returned 14%, promising continued improvement as the internally managed portfolio grows. This progress should bring down the discount from a heady 18%, as it did for Apax.

NB Private Equity (LSE: NBPE) managed a 12-month return of 21% but still trades on a discount of 25% to estimated NAV, reckons analyst Chris Brown at JPM Cazenove, making it “excellent value”. He estimates the discount for Harbourvest (LSE: HVPE) to be 19%, which looks anomalous given its excellent record (a return of 100% over five years) and high exposure to the tech sector (29%). The record of Princess Private Equity (LSE: PEY) is even better, 106% over five years, but Brown rates it as only a “hold” as its discount of 16% is “fair relative to peers”. In absolute terms, it still looks attractive.

Perhaps the biggest bargain is Oakley Capital (LSE: OCI), which is trading on a 26% discount after an 18% return in 2020 and 114% over five years. Performance is held back by the 31% of the portfolio in cash, but this is matched more than twice over by commitments to invest in Oakley funds. The portfolio looks modestly valued given its focus on the popular technology and education sectors. The third leg of its investment strategy, consumer brands, provides recovery prospects once the coronavirus crisis passes – notably via Time Out, the well-known publisher of entertainment and nightlife guides, which has been expanding into food centres and events in cities around the world.

“I am very positive about the outlook for private equity and believe that it will continue to out-perform public equities,” says Gardey. “Long-term ownership has provided superior governance and there have been fewer disasters in the last ten years.” This confidence is reflected across the sector, which makes the cheapness of most of the listed trusts an anomaly. Perhaps, as one cynic says, “the brokers are too busy earning fees from issuing equity in anything renewable to pay any attention to listed private equity”.