Private Equity Holding AG: Net Asset Value as of March 31, 2023
Private Equity Holding AG / Key word(s): Annual Results/Annual Results
Zug, April 12, 2023
Net Asset Value as of March 31, 2023
As of March 31, 2023, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 151.70 (CHF 150.41), representing a change of -1.7% in EUR (-1.9% in CHF) since February 28, 2023, and of 0.1% over the full financial year 2022/23 (in EUR, incl. dividend).
While an annual return of +0.1% seems low, this needs to be put into perspective. First, over the same period (April 1, 2022 – March 31, 2023), the MSCI World Index (TR) lost 4.5% (in EUR); and second, PEH's NAV per share has more than doubled (105.6%) over the last five years, compared to global public stocks (MSCI), which have increased by only 71.0% over the same period (both in EUR, incl. dividends).
For the month of March 2023, PEH’s portfolio performance was negative. Positive valuation adjustments were recorded for many of PEH’s portfolio companies – inter alia – Evolution Technology, Sycamore III and Abry Heritage, however, these positive valuation adjustments could not entirely compensate for some negative valuation adjustments (resulting in a net FX neutral portfolio performance of EUR -0.5m) and the significant adverse FX movements throughout the month (EUR -5.5m).
The portfolio was cash-flow negative with total distributions amounting to EUR 1.3m vs. EUR 3.9m paid into the portfolio. The biggest distribution was received from ALPHA CEE Opportunity IV distributing proceeds from the sale of Kaspi shares, a Kazakhstani fintech firm and from its investment in Kent, a Turkish healthcare operator. In addition, Abry ASF III distributed proceeds from its total return swap investments. In the reporting period, PEH completed a USD 2.3m follow-on investment in its direct co-investment Renaissance Learning, a digital learning solutions provider.
Private Equity Holding AG (SIX: PEHN) is a listed investment company for private equity investments. It offers institutional and private investors the opportunity to participate in a simple and tax-efficient manner in a diversified and professionally managed private equity portfolio with selective fund and direct investments.
Income from the portfolio is partially reinvested, as well as passed on to the shareholders as annual distributions. Private Equity Holding’s portfolio is managed by Alpha Associates, an independent Private Equity, Private Debt and Infrastructure investment manager based in Zurich.
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The basis of the Net Asset Value Calculation and Disclaimer
The number of outstanding shares used for calculation of the Net Asset Value per share amounted to 2,505,606 as of March 31, 2023 (February 28, 2023: 2,505,606). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the fund investments are based on the most recent reported net asset values (NAVs) of the funds. In estimating the fair value of unquoted direct investments, Private Equity Holding AG considers the most appropriate market valuation techniques. The fair value of listed direct investments is the market value. The NAV of Private Equity Holding AG is calculated at the end of each month under a going concern assumption and usually published within six trading days after the cut-off date. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepancies between the published NAV and the actual total value of Private Equity Holding AG's net assets.
File: PEH NAV Flyer March 2023
End of Inside Information
|Company:||Private Equity Holding AG|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1606245|
|End of Announcement||EQS News Service|