28th Jan 2020 11:54
(Alliance News) - Emerging market investment firm APQ Global Ltd said Tuesday its portfolio ended 2019 with a "robust" positioning in currencies and equities.
In the three months to December 31, APQ's fourth quarter, the company returned 9.7% to shareholders, including a 1.94 US cent dividend. This takes APQ's total return for 2019 to 4.4%.
"During the quarter the company slightly increased its exposure to risk assets across the board, particularly equities and EM currencies. It also maintained a very healthy cash (and cash equivalents) position," APQ added.
Per asset class, APQ's Equity portfolio returned 4.3% in the quarter, with FX exposure contributing 2.8% while Local Bond exposures added 1.6%. Credit exposures returned 0.8%.
"At the end of the fourth quarter, the company's exposure to credit and government bonds was 2.7% of book value. Local currency bond exposure was 14.5% of book value. EM equities accounted for 32.3% of book value and EM Currency exposure 71.5% of book value," the investment firm added.
Cash held was 94% of book value.
The investment company upped its EM Equities exposure in the final quarter, believing the medium-term global economic growth outlook will be supportive for emerging markets equities.
Its Equities exposure is mainly in Financials, at 49%, with Technology the next highest at 8.6%.
APQ said its book value per share ended 2019 at 94.00 cents, up from 87.59 cents at September 30.
APQ added: "The company is currently in active discussions with regard to acquisitions in the corporate services and financial sectors and will update shareholders as these discussions at the appropriate time."
By Paul McGowan; [email protected]
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