We close an eventful 2020 with an uneventful update of our list with our Top 5 holdings going into 2021. December saw renewed strength for our Swedish gaming holdings, with M8G advancing 38% and Embracer 12% respectively. Our Polish holding, 11 Bit Studios ended the month flat.
Photocure outperformed the market significantly at 35% for the month, and Smart Eye ended a strong 2020 with a 22% increase in December.

If you are interested in a deeper introduction to each case, we recommend our write-up from early December, which we have linked below.

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More from @Modelio_Sthlm

3 Dec 20
11 Bit Studios S.A - In our opinion, 11 Bit is a high-conviction case, a rare high quality gaming developer with an exceptional track-record. We have previously described the case in a strongly recommended thorough report available here: slideshare.net/ModelioEquity/…
(2) We continue to reiterate our view on the case with a current fair value range of approx. 1400-1900 PLN per share (approx. 200-300% upside).
(3) The company has a proven and rare track-record platform to continue to build the growth journey. We assess at least one recurring (and increasingly larger) internal releases projects from 2023 and onwards.
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