NB Distressed Debt has published results for 2016. All three share classes are now in run-off. NB Distressed Global saw a remarkable rebound in its NAV over the year but investors at launch are still nursing a loss on their investment.
On 31 March 2017 NBDG became the last of the existing share classes to enter into its harvest period. The Investment Manager is now focused on maximising the value of the Portfolios and returning capital to shareholders. Shareholders should note that towards the end of the Portfolios’ respective harvest periods, a residual amount will be retained in accordance with regulatory requirements until such time that the relevant share class is liquidated.
NBDD had returned, through capital distributions and an income distribution by way of dividend, $111.3m, or 89% of investors’ original capital of $124.5m, by the end of the period. This, when added to the NAV of $37.3m, brings the ratio of total value to original capital invested to 119%. The NAV Total Return was 1.72% during the year.
NBDX had returned, through capital distributions and an income distribution by way of dividend, $148.0m, or 41% of investors’ original capital of $359.4m, by the end of the year. This, when added to the NAV of $216.6m and buybacks of $5.3m brings the ratio of total value to original capital invested to 103%. The NAV Total Return was 3.64% during the year. Since the start of this year and up to the latest practicable date prior to writing the Company has continued to support a buyback programme and has repurchased 412,868 NBDX shares at a total cost of $386,890 and at a weighted average discount of 6.8%.
As at 31 December 2016, 92% of NBDG’s assets were invested and 94.91% was invested as at the end of the NBDG investment period on 31 March 2017. Although NBDG is yet to return capital to investors through capital distributions, the NBDG Share Class has returned GBP1.0m through an income distribution by way of dividend and GBP7.0m through buybacks, which when added to the NAV of GBP94.7m, brings to 93% the ratio of total value to original capital invested of GBP110.8m. During the year NBDG’s NAV Total Return (which is based on the underlying Pound Sterling results) was 29.67% as a result of improving market conditions and favourable foreign exchange gains. As with NBDX the Board has continued to support a buyback programme for NBDG. Since the start of this year and up to the latest practicable date prior to writing the Company has repurchased 497,000 NBDG shares at a total cost of GBP395,325 and at a weighted average discount of 16.0%.
NBDD / NBDX / NBDG : Rebound in NB Distressed Global NAV in 2016