19th Oct 2018 14:06
LONDON (Alliance News) - APQ Global Ltd on Friday said its portfolio returned a negative value to shareholders in the third quarter, with equity assets and credit proving the biggest drag on performance.
The emerging markets investor reported an overall return of negative 0.24% from its portfolio for the three months ended September 30, an improvement over its negative 14% return in the second quarter.
Year-to-date return at the end of the quarter was negative 13.0%, compared to negative 12.8% quarter-on-quarter.
Credit & government bonds, which constituted 52% of book value at the end of the period, dropped 0.1% in the three months to September. In the second quarter, these made up 60% of book value and dropped 2.0%.
Equities, which accounted for 30% of the portfolio in the third quarter, produced a return of negative 0.3%. In the second quarter, Equity made up 14% of the APQ portfolio and fell 3.2%.
At the end of the period, book value per share had fallen quarter-on-quarter to USD1.06 from USD1.08 and its approximate market cap had dropped to USD91 million from USD93 million.
APQ Global maintained its dividend at 1.5 pence per share and said it is "comfortably on track" for its target annual dividend yield of 6%, having "navigated a turbulent third quarter".
Shares in APQ Global were untraded at 88.00 pence on Friday.
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