THE HONEYCOMB Investment Trust saw its net asset value (NAV) improve for the second month in a row during July.
The alternative finance-focused fund posted a NAV total return for July of 0.64 per cent, up from 0.6 per cent in June.
In a stock market update Honeycomb said that the accounting standard IFRS 9 has had a 0.67 per cent impact on NAV since it was introduced earlier this year.
The listed fund has now delivered growth of 21.73 per cent since its inception in December 2015, it added.
The investment company’s gross investment assets increased to £528m during last month, an increase of £31m from June.
Honeycomb said this increase was driven by continued strong originations across consumer, property and business sectors.
“Growth in investment assets has been funded through an increase in debt drawings to 30.7 per cent debt equity ratio or £122m,” said Honeycomb.
Honeycomb raised £100m through a share sale in April following an oversubscribed £105m fundraising in May 2017.
The investment trust is currently trading at a premium to NAV of 10.2 per cent.