Yandex is Now Nebius; Light at the End of the Tunnel!
As most of you know, one of our most challenging holdings is Yandex, a Dutch company that until recently had significant Russian business and, therefore, has been subjected to governmental sanctions, leaving it periodically untradable. We are finally seeing progress.
Yandex divested the Russian business months ago and recently changed its name to Nebius and its ticker symbol from YNDX to NBIS. The company has announced it is relisting on the Nasdaq, which we expect soon.
Once NBIS resumes trading, we will first have our investment team evaluate the price versus enterprise value, and then expect to liquidate it from all accounts and re-invest the proceeds into the account’s investment model(s). For those accounts that have transferred out, we will have the proceeds delivered to the contra firm if possible; otherwise, we will issue a check to the address of record.
The reason for the price versus value evaluation is that the company holds a massive amount of cash from the sale of the Russian business and we want to make sure our investors get a fair price.
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