Sold half the position in Gravity Ltd. (GRVY)
Shares in Gravity have levitated over the past several weeks and have now reached our price target. Given the current momentum before results of the open beta test for Ragnarok 2, scheduled to begin tomorrow, we have opted to sell only 50% of our position at just over $3.00 an ADR. Our original investment thesis was based on a market price below net cash. The market price is now substantially above net cash and incorporates a certain level of anticipated success for Ragnarok 2, thus it is time to reduce our position.