Business
NAV and Monthly Update - February 2021
NAV and Monthly Update - February 2021.
About this update from Pollen Street Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 2016U\n Honeycomb Investment Trust PLC\n 01 April 2021\n \n \n \n \n NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL\n \n \n 1 April 2021\n \n \n Honeycomb Investment Trust plc\n \n \n Honeycomb Investment Trust plc (the \"Company\" or \"Honeycomb\") announces that the Investment Manager's monthly factsheet for 28 February 2021 is now available on its website at \n \n http://www.honeycombplc.com\n \n . \n \n \n Net Asset Value per Share\n \n \n The Company announces that its unaudited Net Asset Value (\"NAV\") per share as at 28 February 2021 on a cum-income basis was 1,026.4 pence, based on a NAV of £361.9 million, and on an ex-income basis was 1,017.8 pence, based on a NAV of £358.9 million. The NAVs have been calculated by Apex Fund Services (UK) Ltd.\n \n This represents a NAV return of 0.64% for the month of February, which is equivalent to 8.3% per annum.\n \n \n \n \n Portfolio Performance \n \n \n Net Investment Assets increased in the month by £22m, to £593m, driven by drawdowns on existing senior facilities to borrowers across the SME and property sectors.\n \n \n The Company's ability to continue to deliver uninterrupted strong performance during Covid-19 has demonstrated the portfolio's strong income generation together with downside protection through structural seniority and asset backing with an increasing proportion with real estate backing where the Investment Manager sees significant opportunity.\n \n \n Pipeline & Market Commentary\n \n \n The current pipeline of new potential investments is particularly strong, and the Investment Manager has identified even more attractive lending opportunities as the Covid-19 pandemic accelerates the structural challenges facing traditional banks. \n \n \n As the mainstream banks increasingly focus on only vanilla product sets, the non-bank lending sector is increasingly critical to support local communities through financing SMEs, developing affordable housing, improving the energy efficiency of property, and going forward transportation, creating employment and ...