P2P GLOBAL Investments (P2PGI) has expressed confidence that its revised strategy is progressing well as it saw an improvement in its net asset value (NAV) returns at the start of the second quarter.
The peer-to-peer finance-focused investment trust posted 0.41 per cent NAV growth for April 2018, up from 0.12 per cent in March.
P2PGI said share buybacks boosted the return by 0.08 per cent.
“The investment manager is confident that the revised strategy is progressing well but it continues to see volatility in the legacy portfolio which it believes will continue for the foreseeable future,” P2PGI said.
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 its exposure to US consumer loans.
P2PGI’s April update showed its exposure to US consumer assets has reduced from 31 per cent to 19.4 per cent since October 2017 while it hits biggest holding is now in European real estate at 26.4 per cent, up from 18.9 per cent last October.
Read more: Share buybacks help boost P2PGI NAV