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NB Distressed Debt suffers from difficult market environment

NB Distressed Debt said a difficult market environment led to falls in NAVs across its portfolios. It exited five investments during the first six months of 2015 which generated total returns of $9.3 million over the life of the investments.

Over the first half of 2015, NB Distressed Debt distributed a further $30m to investors in the Ordinary (“NBDD”) and Extended Life (“NBDX”) share classes, bringing the total returned since launch to $116 million. Since the period ending 30 June 2015, they announced further distributions of $7.0m for NBDD and $17.5m for NBDX.

At 30 June 3015, the NBDD class was diversified across 13 industries in 27 companies, with no single investment representing more than 11% of the class’s total assets. Exits during the period for this class generated total returns of $2m over the life of the investments. The net asset value decreased 2.80% from $1.2521 to $1.2170 per share.

NBDX was similarly diversified across 13 industries in 47 companies with no single investment representing more than 7% of the class’s total assets.  Exits during the period for this class generated $6.1 million of total returns over the life of the investments. The class saw a similar decline in net asset value of 4.53% from $1.1909 to $1.1369 per share. Based on trade date, 592,000 shares were repurchased during the period for a total consideration, including brokerage, of $661,325. The investment period for this Class expired on 31 March 2015 and proceeds from realisations will now be distributed periodically, subject to retaining appropriate amounts for working capital purposes.

And finally the Global Share class (“NBDG”), which has since the period end passed the 85% invested mark, held investments spread across 11 industries in 28 companies with no single investment representing more than 6% of the class’s total assets.   Exits during this period for this class generated £0.8m of total returns over the life of the investments. This class saw a greater decline in net asset value, 8.30%, from 88.6p to 81.25p, reflecting in part the strength of Sterling against the US Dollar. Based on trade date buy backs of NBDG shares in the period totalled 550,000 at a cost of £421,125

NBDD / NBDX / NBDG : NB Distressed Debt suffers from difficult market environment

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