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Optimized-stock market
October 30 2018

Victory Park Capital fund enjoys record third quarter

Kathryn Gaw Industry News, News Victory Park Capital, VPC

VICTORY Park Capital Specialty Lending (VSL) has reported a record third quarter and is buying back shares as it believes they are materially undervalued.

The alternative finance-focused fund, which mainly invests in balance sheet lenders in the US and UK, said on Tuesday that it produced a total net asset value (NAV) return of 3.21 per cent during the third quarter.

It posted a gross revenue return of 4.34 per cent and a total net revenue return of 3.08 per cent. These returns and the NAV return are inception-to-date record highs for the company, it said.

Read more: Victory Park Capital joins Marketplace Lending Association

VSL has posted a total NAV return of 7.46 per cent in the year to date, producing a quarterly 2p dividend that it expects to continue going forward.

“The third quarter of 2018 has seen the company deliver its strongest NAV return since inception while maintaining a disciplined approach to credit underwriting and structuring,” VSL said in a quarterly update.

“Macro conditions remain favourable, but we do not take this for granted and believe our portfolio is well-positioned to withstand any economic volatility that may occur in the coming years.

“We are comfortable with the underlying exposure, which is concentrated in high-quality consumer assets.”

Read more: Victory Park Capital backs emerging markets fintech fund

VSL’s share price has been grown by 2.82 per cent this year to date, but has fallen by 19.8 per cent since inception.

Shares were trading at 79.2p as of early afternoon on Tuesday.

“We continue to believe that the company’s shares are materially undervalued,” VSL said. “As such, we will seek to buy back additional shares at a discount to NAV.”

Read more: Victory Park Capital fund continues strong performance

Budget 2018: ‘No sign of end of austerity for SMEs’ Legacy portfolio weighs on P2PGI gains

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