Business
NAV and Monthly Update - March 2021
NAV and Monthly Update - March 2021.
About this update from Pollen Street Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 1405X\n Honeycomb Investment Trust PLC\n 30 April 2021\n \n \n \n \n NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM),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 30 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 31 March 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 31 March 2021 on a cum-income basis was 1,014.1 pence, based on a NAV of £357.6 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 \n Honeycomb Investment Trust plc (the \"Company\" or \"Honeycomb\") delivered a NAV return of 0.75% for the month of March, or 8.9% annualised. Strong returns in the month were driven by high underlying credit asset returns of 9.8%, facilitated by increased origination in the period. \n \n \n \n \n \n This brings NAV returns to 8.4% annualised for Q1, with consistent month-on-month growth signifying positive momentum as the portfolio has grown.\n \n \n \n \n \n Portfolio Performance\n \n \n \n \n \n Strong underlying credit asset performance has been observed across asset classes, with high deployment levels bolstering returns. \n \n \n \n \n \n Net Investment Assets increased by £23m to £617m in the month, driven by drawdowns on existing consumer and property-backed senior facilities and the extension of a senior-secured facility to an existing partner.\n \n \n \n \n \n Net Debt to Equity increased from 64.9% in February to 72.8% in the month. The debt facilities, with maturities in Q4 2022, Q3 2023 and Q1 2027, provide liquidity over the medium to long term and provide a natural hedge against interest rate risk as the floating rate assets are broadly equivalent in size to the floating rate debt facilities. \n \n \n \n \n \n Despite a low additio...