Honeycomb Investment Trust PLC NAV and Monthly Update -- April 2022. (8013M)
26 Maio 2022 - 3:01AM
UK Regulatory
TIDMHONY
RNS Number : 8013M
Honeycomb Investment Trust PLC
26 May 2022
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26 May 2022
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company" or "Honeycomb")
announces that the Investment Manager's monthly factsheet for 30
April 2022 is now available on its website at
http://www.honeycombplc.com .
Net Asset Value per Share
The Company announces that its unaudited Net Asset Value ("NAV")
per share as at 30 April 2022 on a cum-income basis was 1,025.5
pence, based on a NAV of GBP360.1 million, and on an ex-income
basis was 1,018.2 pence, based on a NAV of GBP357.6 million. The
NAVs have been calculated by Apex Fund Services (UK) Ltd.
Honeycomb delivered a NAV return of 0.64% for the month, which
is equivalent to 7.8% per annum. NAV return was driven by strong
risk adjusted yield of 9.0%.
Net Investment Assets increased in the month to GBP592m, from
GBP586m at the end of March, as two full redemptions were
redeployed into existing structured facilities. These were well
diversified across the Manager's core sub-sectors.
In addition the pipeline of opportunities remains strong with
c.GBP400m of well progressed transactions and the broader European
pipeline standing at over GBP1bn. This gives us confidence that the
Company will continue to remain highly invested.
There are a number of macroeconomic risks and concerns in the
market currently with the potential impact of inflation and the
resulting squeeze on consumers and businesses the most immediate
threat. We are watching the performance of the underlying assets
very closely and we are seeing very consistent and good
performance. We have also seen our borrowers take proactive action
for the new customer originations where additional
non-discretionary spending and costs is factored into the
underwriting decision when calculating debt service capability. As
ever we are in constant dialogue with all our lending partners to
ensure we are receiving regular updates and underlying live
performance data to enable us to be both forward looking and
proactive. We are also factoring in the impact of higher prices
when underwriting and structuring new opportunities.
Further, our credit facilities benefit from significant levels
of overcollateralization and are structured to withstand
significant levels of deterioration in collateral value before
being at risk of loss of interest or capital. Worth noting that
higher inflation also has positive, de-risking effects if it
translates to higher wages for consumers and higher asset prices
that form part of our security (e.g. higher house prices and car
prices increase the value of our collateral for the same level of
debt outstanding, therefore de-risking our position).
We believe the combination of asset backing via large diverse
pools of financial and hard assets along with bespoke structuring
means our asset backed credit strategy is well positioned to
perform through a more uncertain and volatile macro
environment.
For further information about this announcement please
contact:
Pollen Street Capital - Investment Manager
Matthew Potter / Julian Dale: +44 (0)20 3728 6750
Liberum Capital Limited - Joint Broker
Chris Clarke: +44 (0)20 3100 2000
Cenkos Securities plc - Joint Broker
Justin Zawoda-Martin: +44 (0)20 7397 8900
Link Company Matters Limited - Corporate Secretary
hitcosec@linkgroup.co.uk
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END
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May 26, 2022 02:01 ET (06:01 GMT)
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