THE HONEYCOMB Investment Trust posted its weakest net asset value (NAV) return so far this year during June, the first full month since the proceeds of a recent fundraising were spread into the portfolio.
The alternative finance-focused investment trust, managed by Pollen Street Capital, saw its NAV grow 0.55 per cent in June, down from 1.8 per cent in May following an oversubscribed fundraising.
The June figure is also below the 0.62 per cent posted in April , 0.78 per cent in March and 0.67 per cent in the first two months of the year.
The latest update takes the trust’s year-to-date performance to 5.16 per cent.
“Following the share issue in May, June delivered a strong performance with fully diluted NAV return per share of 0.55 per cent,” the update said.
“Each of the company’s portfolios continues to perform well and the return was supported by the rapid deployment of the equity raised with a purchase of an unsecured personal loan book on 9 June followed by a portfolio of secured consumer loans in early July.
“This brings the total NAV return to 13.2 per cent since inception.”
Honeycomb raised £105m through a placing of 10 million shares in May that will be used to capitalise on new business opportunities.
The investment trust is currently trading at a premium to NAV of 18.5 per cent.
Read more: Honeycomb sees NAV sweetened by share issue