Victory Park Capital Specialty Lending (VSL) increased its net asset value (NAV) by 11.12 per cent last year, only slightly lower than the record-breaking 11.34 per cent which was reported for 2019.
The alternative lending-focused investment trust saw significant volatility in its share price across 2020, but ended the year with a total shareholder return of 10.87 per cent.
“Despite the significant challenges that the year has brought, I am happy to report a very respectable performance,” said VSL’s chair Kevin Ingram.
“The company remains focused on risk and takes nothing for granted in the future. It is however more optimistic that performance this year should continue to reinforce the investment case for the company.”
During VSL’s upcoming annual general meeting (AGM), Ingram will step down as chair of the board, and Graeme Proudfoot will take over.
Proudfoot is chairman of BlackRock Income and Growth Investment Trust, and prior to that he was general counsel of Invesco Global, before moving to take responsibility for a number of businesses in the UK including Invesco’s investment trust business, which he led for 10 years.
“As I prepare to step down at the forthcoming AGM, I remain confident that the outstanding NAV performance the company has delivered throughout my period as chair will continue,” said Ingram.
“I take this opportunity to thank all the partners and staff…who have made such an impressive contribution to the success of the company, and my fellow directors for their wise counsel.
“My successor, Graeme Proudfoot, is well qualified to lead the board in the next stage of its journey and I wish him and the board and [VSL] continued success.”
Read more: VSL achieves strong returns in December