13th Mar 2014 14:26
LONDON (Alliance News) - Princess Private Equity Holding Ltd Thursday said its net asset value increased in 2013, despite a challenging macroeconomic environment.
In 2013, Princess's audited net asset value increased by 2.6% on a total return basis, adjusted for a total dividend of EUR0.53 per share paid to investors.
Positive valuation developments in the Princess portfolio drove the bulk of the Company's NAV growth, adding 5.7% to the NAV development.
However, negative currency movements detracted 1.4% from Princess' NAV. Also the cash drag had a dilutive effect on Princess' NAV performance.
Chairman Brian Human said 2013 was a year of transition in a challenging macroeconomic environment.
"With market valuations across the size spectrum near historic peaks, the investment advisor remained highly selective in its investment process throughout 2013. While the repositioning of the portfolio and the accumulation of higher than expected cash reserves within the fund resulted in a NAV performance which was modest and below public markets for the year, I believe that the transition and disciplined investment approach will be of long-term benefit to Princess shareholders," Human said in a statement.
"I expect the direct investments made during the year to create shareholder value in the coming years and to help position Princess as the leading global mid-market private equity fund on the London Stock Exchange," Human added.
Princess shares were Thursday quoted at EUR6.325, down 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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