HarbourVest Global Private Equity Ltd - FTSE 250-listed investment fund focused on private equity opportunities - Net asset value per share falls 2.7% to $47.76 on July 31 from $49.11 on January 31. Cites fall in public market holdings and reductions in aggregate valuation of European primary and direct venture investments as main reason. NAV total return turns to negative 2.7% from positive 23% a year prior.
Net change in unrealised appreciation on investments in the six months to July 31 swings to negative $219.7 million from positive $405.7 million a year ago. Net realised gain on investment falls to $119.1 million from $252.0 million. Net assets decrease by $107.5 million in the half-year, compared to an increase of $650.2 million a year prior.
Looking ahead, HarbourVest notes geopolitical unrest and macroeconomic disruption ‘besetting equity and fixed income markets simultaneously’. Adds that this presents ‘a new challenge for traditional portfolios previously thought to offer resilience during downturns’.
‘Private markets will not be immune, but investors in this space are now more sophisticated than ever before, and are well-positioned to seize opportunities wherever they may appear.’
Current stock price: 2,273.00 pence, down 0.3% on Thursday
12-month change: down 8.2%
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