I wish to take a moment to thank you for the time, energy, commitment, and trust you have shared with Linq Capital this past year.

As the acting CEO,  I am humbled by the fact that we now on can see some progress in the restructuring of the company as a Private equity firm. I look forward to learning, growing, and improving with our exiting portfolio of growth companies and make sure you all will benefit as shareholder in Linq Capital.

Even if you you don't need the experts to tell you that 2011 was another challinging year for all stock markets. Our portfolio which mainly included the Swedish Internet provider Bahnhof held back for a long time but also lost some of its strength in the end of the year. 

A series of events rocked confidence over the year, starting with the Arab spring, then the tsunami in Japan and culminating with the seismic events surrounding the eurozone debt crisis since the summer. It was the last of these that triggered the biggest sell-off. Its number-crunching on the world's major markets shows ALL lost money in 2011 - a rare event in investing.

The Greek stock market, unsurprisingly, led the fallers, losing 60 percent at the most. The country's woeful debt problem came to a head over the summer and required the European Union to organise a rescue package for its economy to prevent bankruptcy.

But even strong economies on the Continent have disappointed investors. Germany, which has manageable debts and a dynamic industrial base, saw its shares fall 25 percent. Even Sweden and Norway, which have been heralded for their strength during the crisis, lost nearly 25 percent at the most. The UK stock market, in stark contrast, lost only 11 percent, ranking it ninth in the list.

Emerging markets, hailed as the new hope for adventurous investors, only managed a mixed performance with many of the new Goliaths lagging Britain: China lost 22 percent while Brazil was down 26 percent. But the top performer was Indonesia, which lost only 1 percent, followed by Thailand.

The U.S. also put in a strong performance, with its shares falling just 5 percent the most.

Lastly, it is time to look forward and leave this year behind... Therefore I send you a heartfelt  – thank you very much – to all of you for the trust you invested in Linq Capital. 

As we move into 2012, I am proud to inform that we are increasing our portfolio of growth companies and also looking into a new investment approach under development.

Again, thank you to all of you, for making 2011 such as a new fresh start for Linq Capital in building substantial value in our business.

I look forward to continuing this exciting journey with you into 2012.

Best wishes for a Happy Holiday and Prosperous New Year!

Sincerely,

Mats Jäderberg, CEO