Symphony still in tune – Symphony International delivered a 5.8% return on its NAV over 2019 (in US dollar terms). It paid a dividend of 3.5 cents. $90.7m was deployed in new investments.
Symphony’s new investments include interests in two established businesses; Indo Trans Logistics, the largest independent integrated logistics company in Vietnam and ASG Hospital, a full-service eye-healthcare provider with 33 clinics predominantly in India. The remaining four investments include interests in more early stage businesses; Smarten Spaces, a software-as-a-service (“SaaS”) company providing solutions for space management in commercial and industrial properties, Soothe Healthcare, a manufacturer and distributor operating in the fast growing feminine hygiene market segment in India under the Pariz and Paree brands, Good Capital Partners and Good Capital Fund I, the general partner (manager) and its related technology start-up fund and Creative Technology Solutions, a company that provides technology solutions to K12 schools and universities in the UAE and the Kingdom of Saudi Arabia.
Going out of the portfolio, Symphony sold part of its interest in the Liaigre, to allow investment by a new strategic investor in that business. The shares were sold at a profit. Sales of MINT shares provided net proceeds of US$19.31 million and were completed at 5.4 times the original cost of investment (a net annualised return of 16.7% over a period of approximately 14-years, which is pretty impressive). MINT now has 535 hotels and 2,377 restaurants that it wither owns or manages. In December 2019, they sold some land in Hirafu Village, Niseko, Hokkaido (a major Japanese ski resort). As a result, the value of Symphony’s interest in the joint venture implied an annualised return of 27.2% (3.7 times the original cost of the investment). In January 2020, they announced a full exit from IHH Healthcare. The investment was made in 2012 and exits began in 2015. IHH generated an annualised return of 11.2% over a period of eight years and 1.8 times the original cost of investment.
SIHL : Symphony still in tune