HONEYCOMB Investment Trust reported another monthly decline in its net asset value (NAV) in February, which it attributed to “a short month”.
The London-listed fund, which invests in consumer, property and SME loans, posted a NAV return of 0.54 per cent per share in February, down from 0.58 per cent in January.
“The lower actual result was driven by February being a short month and therefore a lower level of interest was generated,” it said.
The fund’s NAV return has been in decline in recent months, falling from 0.67 per cent in October 2018 to 0.65 per cent in November 2018 and 0.6 per cent in December 2018.
Honeycomb said that its investment asset portfolio “increased moderately” during February from £608m to £610m.
49 per cent of Honeycomb’s portfolio is in consumer debt and 39 per cent is in SME loans, as of the end of February. 10 per cent of the portfolio is in property loans and the remainder is in equity investments.
In a recent update, Honeycomb said that economic uncertainty had impacted returns but added that there are still “significant lending opportunities with attractive returns in the company’s chosen markets with the pipeline of new opportunities remaining strong”.