Is Girisim (IS:ISGSY) targets capital appreciation and eventual realisation gains from its Turkish private equity investments, meanwhile seeking to pay attractive dividends. The half-year valuations of these were held at end-2014 levels and will be revalued at year end. Market conditions remain challenging for investee companies. We do not anticipate disposals from ISGSY’s relatively immature private equity investments in the near term. Rather, management seeks opportunities to invest its large cash and liquid asset pool (45% of total assets, 46% of NAV). Earnings on financial investments more than covered the 2014 dividend. In 2015, lower market yields suggest this is unlikely to be the case, although historic earnings reserves would provide ample room to maintain the dividend.