Net Asset Value as of December 31, 2018
Zug, January 10, 2019
The Net Asset Value of one registered share of Private Equity Holding AG stood at EUR 81.99 (CHF 92.38) as of December 31, 2018. This represents a decrease of 3.3% in EUR and 3.7% in CHF, respectively, since November 30, 2018.
The recent correction across the markets affected PEH's December performance, mainly as exposures from listed stocks such as Aston Martin decreased in value.
Whilst the NAV performance was +8.5% for 2018 (in EUR), the share price decreased by 19.1% (in CHF), which is in line with the decline of the SMIM index.
PEH's portfolio was cash flow positive in December 2018. The Company received substantial distributions from the partial sale of its direct co-investments in Flos and Aston Martin (IPO proceeds) and from Investindustrial Fund V.
In December 2018, PEH committed USD 1.5m to Blossom Capital Fund I, an early stage venture capital fund that backs projects with disruptive innovations in Europe.
The enclosed monthly newsletter shows the development of the NAV, the share price as well as certain balance sheet data and portfolio key figures.
Private Equity Holding AG (SIX: PEHN) offers investors the opportunity to invest, within a simple legal and tax optimized structure, in a broadly diversified and professionally managed private equity portfolio.
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 2,606,071 as of December 31, 2018 (November 30, 2018: 2,606,341). 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.