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26 August interim results roundup

A quick summary of interim results for periods ended 30 June 2015 announced on 26 August 2015

APAX Global Alpha reported its first set of results since listing. Its NAV was up 8% over H1 2015 t0 €1.79.

BH Global said at the six month stage on 30 June 2015 the Net Asset Value per share of the US Dollar class had
appreciated by 1.50% and that of the larger Sterling class by 1.83%. The shape of BH Global’s underlying investments has changed significantly, with the number of funds being reduced from six to four at 30 June 2015 and the Direct Investment Portfolio, being assets allocated directly to a small number of senior traders, has grown from 23.6% to 26.9% over the same period.

BH Macro Limited achieved a gain in net asset value of 3.26% (on its sterling shares) in the more active market conditions prevailing in January. Thereafter the focus was necessarily on protection of capital in the face of the
surrounding uncertainties, resulting in a NAV gain over the half-year as a whole of 1.85%.

DP Aircraft reported a Profit Before Tax of 4.26 cents per share. The NAV (post the interim dividends) was 100.71 cents per share as at 30 June 2015 (95.262 cents per Share as at 30 June 2014). Two additional aircraft were purchased on 18 June 2015 with the equity from the Placing and from new borrowings. Due to the timing of the purchases, the impact on net profit was minimal as at and for the period ended 30 June 2015.

Global Fixed Income Realisation’s NAV declined by 10.1% largely due to currency moves – Autonomy II D fell by 15.1%, -4.1% on the NAV. This loss was almost entirely attributable to the decline in the Brazilian Real. 3DPropCo’s NAV declined by 3.39% in US Dollars, South Asian Real Estate Limited actually saw its NAV increase over the period by 3.82%. The Vision FCVS funds each experienced declines, largely due to the weaker Brazilian Real.

Third Point Offshore Investors reported a 5.2% NAV return for both its sterling and dollar classes. Despite a lackluster broader market environment, the Investment Manager benefited from strong performance during the beginning of the Second Quarter to finish the period with positive returns. Performance in both the First and Second Quarters was led by strength in both the equity and structured credit portfolios. Within equities, performance was driven by several core positions in the Consumer and Industrials and Commodities sectors.

 

APAX / BHGG / BHGU / BHMG / BHME / BHMU / DPA / GFIR / TPOG / TPOU

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