P2PGI’s NAV recovers to highest level for 2018
P2P GLOBAL Investments (P2PGI) saw its net asset value (NAV) recover during July, posting its best monthly performance for 2018.
The alternative finance-focused investment trust reported on Monday that its NAV had increased by 0.52 per cent in July.
This followed a 0.14 per cent drop during June due to P2PGI’s exposure to defunct supply chain platform Urica.
The London-listed fund wrote off an equity investment worth around £5.5m in Urica last week after the firm put itself into liquidation following a fraud attack in France earlier in the year.
Urica, which has in the past received government funding to help boost small- and medium-sized enterprise (SME) finance, put itself into liquidation after failing to recover from a fraud attack in France earlier in the year.
A stock market announcement from P2PGI revealed the investment trust had an equity position in Urica and provided a rolling credit facility to Urica Europe, which is a separate legal entity to Urica and is not in liquidation.
The equity investment was made in October 2015 and is worth around £5.5m but as a result of the liquidation has now been written off, P2PGI said.
The investment trust has an outstanding exposure of £24.4m to Urica Europe.
The latest monthly update shows P2PGI has returned 2.2 per cent so far this year and 17.11 per cent since inception.
The investment trust is currently trading at a discount to NAV of 18.1 per cent.