Valuation developments drive NAV growth for Princess Private Equity over H1 – Princess Private Equity (PEY) has released high-level highlights from its first-half period to 30 June 2019. Key items include:
- PEY reported a NAV total return of 9.6%, closing the period at EUR11.64 per share;
- Valuation developments (+11.6% YTD) were the key driver of NAV growth. The largest contributors to PEY’s’ NAV growth over the second quarter were the direct investments in Permotio International Learning, Action, GlobalLogic, Foncia, and Vishal Mega Mart;
- PEY received proceeds from exited investments totaling EUR 49.3m. EUR 26.7m stemmed from direct investments, the largest contributor being the full exit of Agiliti and the sale of shares of listed Ceridian HCM. The balance of EUR 22.6m was received from PEY’ legacy fund portfolio;
- PEY invested a total amount of EUR 32.7m of which EUR 22.2m was invested during the second quarter in three new direct equity investments (Project Fox, Idera Inc., Confluent Health).
Top 10 holdings at 30 June 2019
| wdt_ID | Holding | Region | Sector | % of NAV |
|---|---|---|---|---|
| 1 | 1. Permotio International Learning SarL | Western Europe | Consumer discretionary | 10.00 |
| 2 | 2. Action | Western Europe | Consumer discretionary | 9.50 |
| 3 | 3. Foncia | Western Europe | Financials | 4.50 |
| 4 | 4. GlobalLogic Inc. | North America | Information technology | 4.40 |
| 5 | 5. Form Technologies | North America | Materials | 4.10 |
| 6 | 6. Fermaca | Rest of the World | Energy | 3.50 |
| 7 | 7. KinderCare Education | North America | Consumer discretionary | 3.30 |
| 8 | 8. Techem Metering GmbH | Western Europe | Industrials | 2.80 |
| 9 | 9. Ammega (Megadyne - Ammeraal Beltech | Western Europe | Industrials | 2.60 |
| 10 | 10. Hearthside Food Solutions | North America | Consumer staples | 2.50 |
About PEY
PEY is an investment holding company domiciled in Guernsey that invests in private market investments. Investments include primary and secondary fund investments, direct investments and listed private equity. PEY aims to provide shareholders with both long-term capital growth and an attractive dividend yield. The portfolio has traditionally encompassed a broad sectoral exposure with large geographic exposures to Europe and North America. Buyouts transactions have traditionally dominated the portfolio, with a strong emphasis on small/mid-caps, whilst smaller allocations are made to special situations, mezzanine, venture and growth financing transactions.
Back in September 2017, the company introduced a sterling line of stock, PEYS, that is indistinguishable from the Euro line of stock except in regards to the currency it trades in. NB the PEYS portfolio is not hedged back into sterling.
PEY/PEYS: Valuation developments drive NAV growth for Princess Private Equity over H1
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