F&C Private Equity Trust reports strong returns

F&C Private Equity Trust has reported strong returns from successful exits and currency movements during the first half of the year.

The company’s H1 net asset value (NAV) was £232.2m giving a NAV per share of 314.08p. Taking into account last year’s final dividend of 5.83p per share paid on 31 May the NAV total return for the first half of the year was 8.2%.

Approximately half of the company’s portfolio by value is in sterling denominated assets, with the remainder held in euro or dollar linked currencies. The weakness of sterling in the first half of the year, and especially after the Brexit vote, was a material factor in the NAV movement, adding around 5% during the period.

“Strong valuations based on good trading and successful exits also contributed to performance,” the company said.

At the end of the period F&C Private Equity Trust had cash of £18.6m. Together with borrowings of £24.3m under the Company’s loan facility, net debt was £5.7m, equivalent to a gearing level of 2.4%. The total of outstanding undrawn commitments at 30 June 2016 was £86.8m and, of this, approximately £17m is to funds where the investment period has expired.

The Board has declared a semi-annual dividend of 6.12p per ordinary share, payable on 4 November 2016. This represents of an annualised yield of 5.1% based on the share price as at 30 June 2016.

“The longer term implications of the UK leaving the EU will take time to discern. For a large section of our portfolio, without direct UK involvement, business activity continues relatively uninfluenced. It is likely that in due course new investment opportunities will be created by the new environment and we would expect a number of our partners to carefully and selectively take these,” chairman Mark Tennant said in regards to the market outlook.

preloader
Close Window
View the Magazine





You need to fill all required fields!