8th Sep 2008 11:52
News Release
Guernsey, 8 September 2008
Princess NAV up 2.21% in August
The net asset value of Princess showed a very pleasing performance of +2.21% in August, closing the month at EUR 9.43 per share. In order to reflect the current market conditions, general partners made certain valuation adjustments of their unrealized investments. Together with IFRS adjustments, applied to reflect fair market value, these changes in value had a negative impact of 0.58% on the product NAV. However, a more significant contributor to Princess' net asset value was the strong US dollar, which significantly appreciated during the course of the month and thus contributed +2.94% to Princess' net asset value. In addition, the impact of the listed private equity portion in the portfolio was also positive in August, albeit small. Operating and other income components represent the residual net movement in the NAV.
Urs Wietlisbach, Director of Princess and co-founder of Partners Group, comments: "To ensure an active and efficient portfolio management the non-Euro denominated exposure of the Princess investment portfolio is to a large extent hedged into Euros. Until recently, forward contracts were used for this. However, as these would not profit from a potential US dollar appreciation going forward, we have decided to acquire a currency put option instead of the existing forward contracts. This allows Princess to avoid larger cash outflows in times of a US dollar appreciation and to ensure enough liquidity. As we have seen a 6.30% appreciation of the US dollar against the Euro in August, Princess was able to profit from this upward move."
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey that invests in private equity and private debt investments. The Company is advised in its investment activities by Partners Group AG, a global alternative asset management firm listed on the SWX Swiss Exchange (ticker symbol: PGHN) with over CHF 25 billion assets under management in private equity, private debt, private real estate, listed alternative investments, hedge funds and alternative beta strategies. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the Frankfurt Stock Exchange (ticker symbol: PEY1) and on the London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net
Contacts
Princess Private Equity Holding Limited:
Ken Ball
General Manager
Phone: +44 1481 730 946
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
Media enquiries:
Partners Group AG
Tamara Krebs
Communications
Tel.: +41 41 768 85 26
www.partnersgroup.net
This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Princess Private Equity Holding Limited. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.
This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document.
Approved by Partners Group (UK) Ltd., authorised and regulated by the Financial Services Authority in the United Kingdom.
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