Global Fixed Income Realisation’s results for the year ended 31 December 2015 have been published. The Net Asset Value per ordinary share declined by 28.2% during the financial year 2015.
The Directors of the Company decided at a Board Meeting in April 2016 that it was appropriate to take a reserve of 33.3% against the Company’s largest position, 3DPropCo Limited (“3DPropCo”). The impact of this reserve was a 9.2% loss to the Company’s NAV. In addition, an 18.8% decline in 3DPropCo’s reported NAV accounted for a loss of 3.7% to the Company’s NAV; in total, 3DPropCo is responsible for a 12.9% loss to the Company’s NAV.
The Autonomy Fund II D position was responsible for a loss of over 8% to the Company’s NAV. The majority of this markdown was the result of a steady devaluation of the Brazilian Real versus Sterling. The NAV of Autonomy IID Fund in local currency terms was little changed. Strength in the US Dollar versus Sterling over the year helped mitigate losses in other assets.
No positions were sold in the secondary market or via auction. The Company now has holdings in 1 company and 18 fund entities (13, if the 6 Vision funds are considered as a single entity) managed by 9 different investment managers.
GFIR : Global Fixed Income Realisation NAV slides