P2P GLOBAL Investments (P2PGI) posted an improved net asset value (NAV) return during February, boosted by share buybacks.
The investment trust said in a February update that 585,100 share buybacks during the month had contributed 0.11 per cent to its NAV return, bumping it up to 0.43 per cent.
This was an improvement on the 0.36 per cent NAV return in January, which the fund said was pushed down by new accountancy standards.
P2PGI’s manager MW Eaglewood merged with Pollen Street Capital in November 2017 and has been taking part in share buybacks in attempts to boost performance and reduce the discount to NAV.
It said at the time that it will continue repositioning to specialist and secured assets with a higher risk-adjusted return and will accelerate the reduction in exposure to US consumer loans.
It now has just a fifth of the portfolio in US consumer loans, down from 36.9 per cent in July 2017. Its largest exposure is in European real estate, at 24.1 per cent, while 16.6 per cent is in the UK consumer market.
The investment trust is currently trading on a discount to NAV of 19.3 per cent.