Origo Partners has today released its results for the year ended 31 December 2013. The net asset value back then was $0.39 (down 20% from $0.49 at the end of 2012). The main reason for the fall was a 50% write down in the value they put on their holding in Gobi Coal & Energy. The statement also cites flat or declining commodity prices and “political uncertainty in Mongolia” as having adverse effects on the company. They say they have streamlined the business, closing an office in Myanmar and cutting back activity in Mongolia. A number of fund management initiatives are being closed or are in run-off. Although the investment focus has switched from making new investments to maximising value from the existing portfolio, they have not been able to achieve any exits as market conditions have been unsupportive of this.
They have also released an update as at 31 March 2014 – on that date the net asset value had fallen further to $0.33. They say that this “decrease in NAV was due primarily to the disposal of CCP (China Cleantech Partners LP, a former joint venture with Ecofin) associated RMB denominated Xinxiang sub-fund”.