As at 30 September 2020, the net assets of the Company were £287.4m, giving a Net Asset Value (NAV) per share of 388.68p. Taking into account the dividend of 3.99p paid on 31 July the NAV total return for the quarter is +2.1%, and -2.7% for the nine months to 30 September 2020. At 30 September 2020 the Company had net debt of £67.9m and outstanding undrawn commitments of £133m including £14m to funds where the investment period has expired.
As is typical this valuation is largely based off 30 June valuations adjusted for cashflows, so this is arguably the first valuation in which the impact of the COVID-19 pandemic is reflected in all the underlying valuations. The Company has a well-diversified portfolio, which is not overly exposed to any one company or sector. At this stage, it appears that the portfolio as a whole is proving encouragingly resilient to the crisis.
No new commitments were made to funds or co-investments during the quarter, as we continue to pursue a cautious approach to new investments until the full impact of, and path to recovery from, the pandemic is clearer.
We therefore remain very confident that the Company is well placed to come through the crisis, and to continue to build long-term value for its shareholders.
Past performance is not a guide to future performance and the value of your investments can go down as well as up. You can read the full quarterly review of the trust by viewing the factsheet here.